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Ministry of Finance Pleased with Results of First VAT Filing Deadline

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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.

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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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CARICOM speaks out on Climate Change, looking to May meeting to amplify call for Climate Funding

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March 3, 2024

 

The Caribbean Community (CARICOM) remains on the frontlines of global climate crisis, an issue the Region has been aggressively advocating on for the past thirty years. Despite the many commitments and promises of international partners, the window of opportunity to limit global warming to 1.5 degrees Celsius above pre-industrial levels is rapidly closing.

Heads of Government are concerned that while COP 28 was widely regarded as a historic event, with the completion of the first global stocktake (GST), on progress in achievement of the Paris Agreement goals, the outcomes of GST show that emissions of greenhouse gases continue to rise and the nationally determined contributions (NDCs) of Parties will not keep global temperatures below the 1.5 degree goal enshrined in the Paris Agreement.

Heads of Government also expressed concern to be heading to COP 29 where a New Finance Goal will be articulated to replace the 100bn goal, which has not yet been met, even as developing countries require trillions to deal with the escalating impacts of climate change. Developed country parties have not provided enough finance at scale, technology and capacity building support required to help developing countries tackle their pressing needs to build their resilience, especially in adapting to the adverse and increasingly catastrophic impacts of climate change. The clear absence of definitive timelines for action and quantitative commitments for scaling up of investments, and particularly adaptation finance emerging out of COP 28, cause great concern to our Region.

The Conference noted that Small Island Developing States (SIDS), recognized as the most vulnerable group of countries and a special case for sustainable development, have been facing strong push back against the recognition of their special circumstances especially in the context of climate finance. There is limited international support for special allocations for SIDS within financing arrangements and available climate finance from international and private sources is limited, expensive and too onerous to access.

In light of the preceding, Heads of Government called for CARICOM to take a strategic, unified and coordinated approach to ensure that the Region remains influential in the climate and development arena through engagements with key partners and advocacy groups.

They called for renewed focus by the Region to advocate for inclusion of forests, nature-based solutions and blue carbon into market mechanisms with the aim of articulating clear regional positions and strategies.

Heads of Government reiterated the call for improved readiness programmes, simplified approval procedures, a change to the criteria for determining access to low-cost finance, and for the adoption of programmatic approaches to address the bottlenecks in accessing finance.

The Region reiterates its support for the Bridgetown Initiative’s call to expand capital adequacy of international financial institutions.

Heads recognized that the Fourth International Conference on Small Island Developing States, scheduled to be held in Antigua and Barbuda, 27 – 30 May 2024, will be an inflection point for many of these discussions to be articulated. As such, the Region remains committed to participating in the Conference at the highest level.

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