Director of the Department of Inland Revenue, Shunda Strachan, appeared a press briefing at the Office of the Prime Minister on Monday where she announced the launch of the One Tax Bahamas online platform.
The new portal aims to consolidate tax collection procedures. The new system is centered around the Bahamas Identification Number (BIN). Strachan told reporters, “with the implementation of Value Added Tax the department implemented a system we refer to as OTAS (One Tax Administration System). Now, OTAS enabled the department to deal with value added tax and business license on one platform. But our other taxes like real property tax and VAT stamp and all of the other taxes and all of the other services that the department deals with are on other platforms. And so, for us, that’s posing a bit of a challenge, not only for us but also for the general public. And so, as a result, the government decided that it was time to upgrade all of our digital tax equipment and services, platforms, and all of the like, and there now you have One Tax Bahamas.”
The new system does not create new or increase existing taxes. It is a more efficient way of administering existing taxes. Strachan said, “you all are familiar with the tax identification number that we have now or the TIN, but with One Tax Bahamas all taxpayers will be required to register for a new tax number.”
The TIN allows the Department of Inland Revenue to manage business licenses and value added tax. The BIN number will incorporate all taxes collected by the Department of Inland Revenue.
