Businesses will be ready for VAT-free change

The Ministry of Finance said it is confident that businesses will be ready for an August 1 changeover, which will enable merchant systems to sell value-added tax (VAT)-free items to Bahamians.

According to a statement released by Deputy Prime Minister and Minister of Finance Peter Turnquest, once the changes take effect, Bahamian consumers will receive the benefits of government’s policy of VAT-free breadbasket items and medication.

“Again, this is no small order, but businesses and consumers should know that these efforts are in the interest of delivering tangible savings to Bahamian people on one of their most important reoccurring expenses – groceries and medication,” Turnquest wrote.

“I feel very confident about the readiness of the Ministry of Finance, and its ability to provide the business community with the information they need.

“We appreciate their continued input as we organise our internal teams, and we commend the business community for its commitment to compliance, particularly with the new VAT Amendment Act, 2018.”