VAT Compliance Workshop at BAIC

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Executive Chairman of BAIC, Mr. Michael Foulkes, and the audience at BAIC's VAT Compliance Workshop on Thursday. (BIS Photos/Patrick Hanna)

Small to medium business owners took time to attend the VAT Compliance Workshop Program at BAIC on Thursday, June 28, 2018.  The aim of this workshop was “To offer direct assistance to cause entrepreneurs to be profitable or more profitable than they are, and to simplify the VAT process for small and medium-sized businesses” said Executive Chairman of BAIC, Mr. Michael Foulkes.

This workshop was especially important as The Bahamas transitions from a VAT rate of 7.5 percent to 12 percent.  “We are not a part of your particular business and there are situations that may be unique to you — but just ask us, and we will try our best to determine the answers here today,” said Timothy Adderley of the Department of Inland Revenue.

 

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