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All Small Businesses Placed on Simplified VAT Returns Scheme

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March 15, 2015 (Nassau, Bahamas) – The VAT Comptroller has now approved all small businesses with $1 million or less in revenues to use the Cash Accounting Scheme. “These businesses do not need to take any other steps to use this simplified approach to complete their returns,” said a VAT Department spokesperson. “It will be available when they submit their first return in April.”

Most Registrants have reported annual sales of $1 million or less, and will therefore be able to benefit from this process. Effective immediately, they are all placed on the Cash Accounting Scheme. If a business insists, it can go back to using accrual accounting, although it is not expected that this option will be chosen often.

Under cash accounting businesses get to claim VAT credits for actual bills paid or purchases made, and their liability for VAT owed to the Government is only based on collections from customers as opposed to bills issued.

The filing process for cash accounting uses two pieces of information. The business must report total sales (including the VAT) based on actual payments collected from customers. They must also report total amounts paid (including VAT) for imports and for purchases from other VAT registrants. The difference between these two values, when multiplied by the VAT fraction of 3/43 will give the net amount owed to the Government or the refund that might be due.

A further simplification is that most businesses with revenues under $400,000 per annum can also request to use the Flat Rate Scheme. The amount of VAT due to the Government would be just 4.5 percent of collected revenue. In requesting to use this scheme the business must decide whether it would benefit from having less VAT to remit to the Government on a regular basis than if it used another accounting method.

However, licensees of the Grand Bahama Port Authority cannot use the Flat Rate Scheme. These businesses do not have to pay VAT on the same range of purchases as registrants elsewhere in the Bahamas and therefore their net returns cannot be reliably estimated this way.

“Now we will be issuing more tailored instructions to help businesses complete these simplified returns,” said the VAT Department spokesperson.

For more information visit www.bahamas.gov.bs/VAT or look up VATBahamas on Facebook, Twitter, YouTube and Instagram.

To contact the VAT Department directly, please send an email to vatcustomerservice@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.

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International Community must address conflict between Israel and Iran

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Garfield Ekon

Staff Writer

With tensions between Israel and Iran at an all-time high, a United Nations affiliated group is urging for calm and dialogue as their violent actions can cause tragic devastation on innocent civilians.

According to Heavenly Culture, World Peace, Restoration of Light (HWPL), an organisation that is dedicated to promoting peace through civilian-led initiatives, “it is a clear indication that the greatest victims of war are innocent civilians. 

How could those lost lives ever be brought back? What could compensate for the outcry of children and the anguish of the youth in devastated dwellings?,” the group noted in a media statement, adding that  the international community should  take “decisive measures” to address the conflict.

It is also advocating for the establishment of “comprehensive international laws” to safeguard peace for future generations. “HWPL remains steadfast in its commitment to fostering dialogue and reconciliation, offering hope for a peaceful resolution to the conflict between Israel and Iran,” the group said.

HWPL is a non-profit organisation, with a mission to promoting peace through education, and advocacy. It has a global network spanning over 170 countries. The organisation works to build bridges of understanding and cooperation, striving towards a world free from conflict and violence.

According to reports in various international media outlets, Iran and its militant partners on April 13 initiated a large-scale attack against Israel through launching several hundred ballistic missiles and drones. The international society expressed concerns over the possibility of war between the two states, since Tehran’s direct attack on Israel was unprecedented.

Experts have pointed out that the attack on Israel was Iran’s response to an airstrike on the Iranian embassy in Syria on April 1, which killed seven military advisers including three senior commanders.

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CTO’s Sustainable Tourism Conference Presents Dynamic Study Tours to Promote Sustainable Practices

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The Caribbean Sustainable Tourism Conference (STC 2024), slated for April 22-24, 2024 in Grenada, will feature a series of exclusive study tours aligned with the conference theme, The 5 Ps – People, Planet, Prosperity, Purpose and Partnership. These tours have been thoughtfully curated to offer participants an enriching and unique opportunity to delve into innovative sustainability practices and glean insights intended to catalyze transformative action for a more resilient and sustainable Caribbean.

STC 2024 is jointly hosted by the Caribbean Tourism Organization in collaboration with the Government of Grenada, through the Grenada Tourism Authority, and will welcome a wide range of participants, including government officials, tourism professionals, environmentalists, members of the media and researchers.

This valuable addition to the conference will allow participants to visit various sites and interact with local communities, gaining firsthand knowledge of best practices in sustainable tourism management, conservation efforts, and community engagement. 

Study Tour Options:

  • The Underwater Sculpture Park/Grand Anse Artificial Reef Tour: Led by Aquanauts Grenada, guests dive into the intricate ecosystem of the Underwater Sculpture Park and Grand Anse Artificial Reef and learn about sustainable practices aimed at protecting and preserving these vital marine habitats.
  • Grand Etang Nature Tour: Dr. Guido Marcelle, an esteemed botanist, guides participants through the lush rainforests surrounding Grand Etang Lake to explore Grenada’s rich biodiversity and gain valuable insights into rainforest conservation efforts.
  • The Rasta Roots Expedition: Immersive Journey into Rastafari Culture and Lands: Led by Ras Ginga, an elder of the Nyahbinghi Tribe, guests experience the Rastafari culture firsthand, learning about organic living practices and farming practices of Grenada’s Rastafari community, complete with a taste of local culinary delights.
  • Mt. Parnassus Plantation and Cocoa Pod Botanicals: Experts Michael Jessamy and Tricia Simon guide participants through the cocoa and spice plantation, uncovering innovative applications of these crops in cosmetics and health products.

The conference’s diverse program, comprising presentations, panel discussions, workshops, study tours and networking opportunities, aims to foster collaboration and facilitate knowledge sharing to advance sustainable tourism in the Caribbean region.

Event sponsors and partners include interCaribbean Airways; Royal Caribbean International; Silversands Grenada; Six Senses La Sagesse, Grenada’s newest resort; and LINK Strategic Partners, an international strategic communications and community engagement consulting firm with offices across the U.S. and in Manchester, England.

 Visit caribbeanstc.com for further information about the conference and registration details. To learn more about the Grenada Tourism Authority, visit puregrenada.com.

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RTCIPF Observes World Down Syndrome Day

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On March 21st, 2024, the Royal Turks and Caicos Islands Police Force joined the international, regional and local communities in observing World Down Syndrome Day. 

Officers showed their support by wearing brightly coloured and mismatched socks to raise awareness. 

The head of the Safeguarding and Public Protection Unit, Assistant Superintendent of Police Grantley Williams, Training Manager Mrs Odessa Forbes and Media Relations Officer Denyse Renne visited the SNAP Centre and interacted with the students.

In a message to the TCI community, the RTCIPF noted that stereotypes perpetuate stigma and hinder inclusion, preventing individuals from reaching their full potential. 

Instead, the RTCIPF calls for individuals to foster an environment of acceptance and support where everyone is valued for who they are. 

By breaking down barriers and challenging misconceptions, we can create a more inclusive society where individuals with Down Syndrome are empowered to live fulfilling lives and contribute meaningfully to their communities and, by extension, the TCI. 

As law enforcement officers, we must protect and serve all members of society, regardless of their abilities. 

Let’s work together to ensure that individuals with Down Syndrome are treated with dignity and respect and that their rights are upheld.

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