The drafts of the Value Added Tax (VAT) Bill and Regulations are being released to expand the public discussion and consultation process on the fiscal reform initiative. The drafts summarize the government policy framework for advancing the implementation of the tax.
Following the consultation process and prior to the passage of the legislation the Government reserves the right to revise the policy framework, having regard to the initial phasing of customs tariff and excise tax reductions (and correspondingly the rate of the tax) and the scope of VAT exemptions.
This process is to ensure that the revenue and fiscal consolidation targets are maintained. Revisions to the management structure for the CRA will also be reflected in the draft legislation to be sent to Parliament.
The public is invited to submit comments on the draft to the Ministry of Finance as follows: email@example.com
The Financial Secretary
Ministry of Finance
Sir Cecil Wallace Whitfield Centre
West Bay Street
P.O. Box N3017
Nassau, The Bahamas
For Futher information please contact:
Contact name: Ministry of Finance
Telephone: (242) 327-1530
Contact name: Value Added Tax Unit
Telephone: (242) 225-7280