Connect with us

Uncategorized

Ministry of Finance Pleased with Results of First VAT Filing Deadline

Published

on

March 9, 2015 (Nassau, Bahamas) – The first monthly filing deadline for large businesses was on March 2nd, and the Ministry of Finance and VAT Department are pleased with the results and positive outcomes of the filing process. Nearly, 95 per cent of businesses with revenues of $5 million or greater successfully completed the filing process for the January tax period.

“We have worked with Bahamian businesses to ensure that they understand their VAT filing responsibilities and are happy to report that the vast majority of large businesses had a successful experience,” stated John Rolle, Financial Secretary.

Throughout the filing process, the VAT Department has been working hard to keep businesses informed of VAT regulations and will continue to host workshops throughout the country and answer questions that businesses may have.

In addition, the first filing deadline also provided the VAT Department with the opportunity to review the filing system and address any areas for improvement or clarification. The VAT Department highlighted the following for registrants:

· Ensure you meet the filing deadline: If you are making a payment through your financial institution, make sure that you allow for two full business days for the government to receive the payment. The return filing is only recorded as complete after the payment has been received.
· Disclose VAT deferrals when you claim the credits: Businesses that benefit from deferred payment of VAT to Customs must disclose the liability on the same return as when they claim the VAT credit. Some of the January returns will be amended to correct for this omission.
· Report total sales plus VAT: When filing the return, businesses must report on total sales including all VAT collected. The Revenue Management System is equipped to verify the amount of VAT that was collected.
· Refunds to be paid only on verified banking details: In order to ensure that qualified businesses receive their entitled VAT refunds, the VAT Department is dong secondary checks to verify the banking information provided by registrants. This protocol will be followed whenever an initial refund is to be paid out. Some refunds have already been requested.

“The results overall for the February filing process was incredibly positive and we are confident that future filing processes will continue to get smoother,” stated Minister of State Finance, Michael Halkitis. “Tax reform is a key component of our Government’s plan to reduce the deficit thereby reducing our need for additional borrowing,” continued the Minister.

The first quarterly filing deadline is set for the end of April and will require all more than 5,000 businesses to complete their first return. As always, the VAT Department will help guide these businesses through the filing process and will continue their outreach efforts.

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 vat@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Uncategorized

TCI Hospital’s Magnetic Resonance Imagining (MRI) upgrade is on schedule

Published

on

#TurksandCaicos, June 16, 2022 – InterHealth Canada Turks and Caicos Islands Hospital will soon have a new GE SIGNA™ 1.5T Magnetic Resonance Imaging (MRI) machine, a development expected to significantly reduce wait times for patients visiting the Cheshire Hall Medical Centre.

First, the existing scanner was de-installed and required a crane to deposit the 20,000 pounds machine from the radiology department through a specially-cut hatch at the side waiting room wall for the safe navigation and removal of the old machine.

An intensive undertaking also included removing and replacing the RF Cage, which paves the way for quick installation of the new machine. The TCI Hospital’s RF Cage, which prevents radio frequency noise from entering the room and distorting the image of the MRI scan, is already on-site and is scheduled for installation by the end of June 2022 by the installation team from the United States. The works include the construction of the side walls, panelling, ceiling, illuminated picture and connections to ventilation.

In preparation for the day of delivery of the new MRI Machine by early July 2022, the TCI Hospital have also completed all electrical works.

The next step is the safe installation and connection of all components of the unit by GE contractors, followed by the final internal and external finishes, including the installation of fixtures and fittings such as coil storage cabinets and external cupboards and furniture. Once these last finishing touches are completed and checks completed, the MRI will be operational in early August 2022.

The radiology team have spent the past several months working in a much-reduced space to allow building work in preparation for the new MRI. In addition, the Imaging team have also undergone training and certifications in new software applications and MRI safety, with the IM&T and Biomedical Engineering teams to follow. All staff at the TCI will undergo safety MRI training.

The TCI Hospital is grateful for the support and understanding of the public and TCI Hospital colleagues during the disruption caused by this critical upgrade to the MRI Unit at the Cheshire Hall Medical Centre.

Continue Reading

Uncategorized

Major Shortage; White House says hunt is on for Baby Food

Published

on

By Dana Malcolm

Staff Writer

 

#USA, May 14, 2022 – An Infant formula shortage in the U.S. exacerbated by the formula recall by Abbott Nutrition is  threatening the lives of babies and worrying parents.

Last week 40 percent of  formulas were out of stock in the U.S. White House Press Secretary Jen Pesaki says the FDA is working hard to address the issue.

“What the FDA is doing includes working with major infant formula manufacturers to ensure they’re increasing production, because part of this issue is, of course, making sure there is stock on the shelves and working with the industry right now to optimize their supply lines, product sizes to increase capacity, and prioritizing product lines that are of greatest needs.”

Meanwhile Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) which provides formula and other goods to low income mothers is warning against trying to make formula at home saying too much could go wrong.

“Your baby could suffer long-term harm if they do not get the right blend of nutrition. Even a short period of poor nutrition can be harmful.  Do not try to make more formula by adding extra water. Adding extra water to formula is dangerous and can lead to very serious health problems.”

The Guardian reports that parents who are now traveling over state lines and using Facebook and EBay  to secure formula, describe the situation as a ‘nightmare.’

Continue Reading

Uncategorized

Earth Day Immersion at Graceway Communities Marketplace  

Published

on

By Sherrica Thompson

Staff Writer

 

#TurksandCaicos, May 12, 2022 – The second staging of Graceway IGA’s Earth Day celebration was a success. It was hosted by the Graceway Communities (the philanthropic arm of Graceway Supermarkets) in association with the National Trust, Graceway Supermarkets, Department of Environment and Coastal Resources (DECR) and Department of Agriculture.

The Market was designed to educate people about the environment, promote conservation, and encourage them to get involved and invest in the planet, act boldly, innovate and implement.

The event was supported by the community and others who came out in their numbers to buy fruits, seedlings, trees, plants, and other earth-friendly items, like ocean-friendly products that were being sold.

The winners of the Graceway Supermarkets Earth Day Art Competition 2022 were also announced. In first place was Chanel Missick from the Mills Institute, second place was Enarij Dickenson from Eliza Simmons Primary, and third place was Mavalicia Mullings from the Mills Institute.

Minister of Environment, Maritime and Disaster Management Josephine Connelly was also present at the celebration.

In giving her address at the event on April 22, Connelly said climate change is real and the Turks and Caicos Islands are low lying areas. As such, “we are susceptible to flood and high seas.” Therefore “the necessary mechanisms must be put in place to cope with what’s going on in our country.”

The Minister noted that the Charter launched at the Climate Change Summit is a guideline to mitigate what is happening in the TCI. She further mentioned that the TCI will be collaborating with all stakeholders and international organizations to unite as one where climate change is concerned.

Minister Connelly congratulated Graceway IGA for hosting the celebration, noting that they should continue to do this because “it is good for us.”

She also encouraged everyone to play their part in Climate Change, stating that the easiest thing to do is to plant a tree.

Travel Designer at Luxury Experiences Turks, and Caicos, Val Kalliecharan, was also present at the Earth Day celebration. He said the initiative was impressive, and Graceway Supermarkets should “keep up the good job.”

The Turks and Caicos National Trust were the charity participant in the Earth Day celebrations.

The Trust expressed its gratitude to the Graceway Supermarkets for partnering with the organization’s mission to protect our environment.

“We are honoured for this recognition and most charitable donations that will help us to continue our important works, entrusted to us by our communities, we implore you to visit our website and become members of TCNT. More importantly, please contact us and find out how you can help us to preserve and protect our Wetlands, our environment and our beautiful by nature TCI,” said the Turks and Caicos National Trust.

Continue Reading

FIND US ON FACEBOOK

TRENDING