On 23 July 2014, the government of the Bahamas released a revised rules for value added tax (VAT), which will be implemented in the country from 1 January 2015. VAT will apply to the supply of most goods and services in the country, including imports. Goods exported are generally exempted or zero-rated.
The key revisions include:
VAT Rate and Registration
- The VAT rate is set at 7.5% as in the 2014/2015 budget, instead of the 15% rate originally proposed
- The pricing of goods an…