The Abaco Chamber of Commerce along with the Chamber Institute, a Division of the BCCEC, conducted a VAT Workshop before about 200 people from across Abaco who came out to hear details regarding the implementation, registration and compliance of VAT for businesses.
With just a few short months to prepare and train staff in the area of VAT compliance, many business owners are still not well informed on how to prepare which is causing some considerable stress as they work toward ensuring that their businesses are prepared and VAT compliant.
As VAT is now an impending reality the Chamber has shifted their focus to alleviating the stress that business owners are facing in tax compliance by holding workshops on how to be prepared.
The BCCEC (Bahamas Chamber of Commerce and Employers’ Confederation) sent a team of trainers led by its Executive Director, Keshelle Davis to cover a range of topics.
The workshop covered a variety of aspects including: Who Should and Shouldn’t Register and Why; Understanding Output Tax, Input Tax and Taxable Supplies; Rates of Tax: Standard rates, Zero rates, and Exemptions Transactions; Group Registrations; When to Register and Penalties for Late Registration; A guided tour through the VAT registration process. The final section included a look at operational procedures, invoicing, record-keeping, returns, and best practices.
The audience had many questions throughout the day and while most questions were answered there still appears to be some confusion as government continues to tweak some aspects of the VAT before its looming implementation date.
For more information or questions regarding VAT you can visit the government’s VAT website (www.bahamas.gov.bs/vat) or call the VAT hotline at 242-225-7280. Also look out for announcements for further VAT workshops coming soon.