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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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UN Sec-Gen has special Message on Nelson Mandela Day

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Nelson Mandela showed us the extraordinary difference one person can make in building a better world.

And as the theme of this year’s Nelson Mandela International Day reminds us – combatting poverty and inequality is in our hands.

Our world is unequal and divided.

Hunger and poverty are rife.

The richest one per cent are responsible for the same quantity of planet-wrecking greenhouse gases as two-thirds of humanity.

These are not natural facts. They are the result of humanity’s choices. And we can decide to do things differently.

We can choose to eradicate poverty.

We can choose to end inequality.

We can choose to transform the international economic and financial system in the name of equity.

We can choose to fight racism, respect human rights, combat climate change, and create a world that works for all humanity.

Every one of us can contribute – through actions large and small.

I join the Nelson Mandela Foundation in urging everyone to perform 67 minutes of public service on Nelson Mandela International Day – one minute for each year he fought for justice.

Together, let’s honour Madiba’s legacy and turn our hands towards building a better world for all.

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AfriCaribbean Trade and Investment Forum (ACTIF2024) set to strengthen Africa-CARICOM linkages  

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Speakers at ACTIF will include global superstars Viola Davis, Serena Williams, Didier Drogba and African and CARICOM Heads of States

 

Nassau, Bridgetown, Georgetown, May 28, 2024 – Excitement mounts as The Bahamas prepares to host the Afreximbank Annual Meetings (AAM) and the AfriCaribbean Trade and Investment Forum (ACTIF) from 12 – 14 June 2024 in The Bahamas. Themed “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa,” ACTIF2024 is set to forge significant pathways for economic prosperity between Africa and the Caribbean.

Other distinguished speakers will include Heads of State from seven CARICOM countries, former Prime Ministers, Ministers of Trade, Economic Development and Finance, Dr. Roger W Ferguson, Former Vice Chair of the Federal Reserve, USA, Prof. Andreas Klasen, Professor of International Business and Director of the Institute for Trade and Innovation at Offenburg, and many more.

Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said: “We are witnessing shifts in the global economic landscape and the trade strategies of major economies, making it imperative for African and Caribbean nations to unite for mutual prosperity. The Afreximbank Annual Meetings and AfriCaribbean Trade and Investment Forum in The Bahamas will serve as a strategic platform to enhance our economic bonds. These events indicate a vibrant assertion of our shared destiny. We are poised to harness the dynamic economic growth within our regions, enhancing our collective resilience and prosperity.”

The event promises to be a pivotal platform for high-level discussions on economic development and regional integration.

Building on the successes of the inaugural AfriCaribbean Trade and Investment Forum held in Barbados in 2022 and the gathering last year in Guyana, this year’s Forum in The Bahamas will further elevate and expand upon the discussions and initiatives previously set in motion. ACTIF2023, which focused on strengthening economic bonds and creating new investment opportunities, sets a precedent for meaningful collaboration between Africa and the CARICOM nations.

Afreximbank invites industry leaders, trade organisations and other stakeholders in the CARICOM region to participate and attend.

Registration is now open at https://2024.afreximbankevents.com.

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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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