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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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Environmental Health Department Recognizes Caribbean Mosquito Awareness Week 2023

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Providenciales, Turks and Caicos Islands May 12, 2023 – Mosquito Awareness Week is fast approaching, and its an important initiative which was established with the approval of CARICOM in 2014 to raise awareness about the link between mosquitoes and the diseases they transmit and to strengthen initiatives aimed at eliminating mosquito breeding sites. Caribbean Mosquito Awareness Week will be observed this year from May 8th – 14th, 2023 under the theme “Small bite, big threat” and slogan “Beat the buzz: Prevent, Protect, Control”.

The Aedes aegypti mosquito, which is present in the Turks and Caicos Islands, can spread diseases such as Dengue, Chikungunya and Zika.

During the Month of May, the Environmental Health Department will be discussing ways to control vector populations and prevent the spread of diseases. This can include using insect repellent, eliminating breeding grounds, and properly disposing of waste.

Vector Control Awareness Month in the TCI is an extension of Mosquito Awareness Week, recognizing the threat posed by mosquitoes and is a reminder that we all have a role to play in preventing the spread of vector-borne diseases. Let’s work together to keep our communities healthy and safe.

For additional information, please contact the Environmental Health Department on 1649-338-2143/44.

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Social Services hosts Special Event for TCI Younger Ladies

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By Dana Malcolm

Staff writer

 

 

#TurksandCaicos, May 2, 2023 – Another edition of the government’s mentorship program “The Lady in Me” was held this week. This time young ladies in Providenciales were the ones being treated. The program targets at-risk adolescents between the ages of 12 and 17 years old.

Photos of the beautiful setup shared with our news team show branded gifts waiting for the girls as they spent the two-day event sponsored by UNICEF focusing on how to cultivate healthy physical, mental, emotional, and behavioral well-being.

Students from various schools arrived in uniforms immaculately pressed for the event put on by the Department of Social Services.

Acting Governor Anya Williams was in attendance and expressed faith that the initiative would cause true change.

“It was a pleasure to share with them my insight into the importance of making the right decisions in their youth, which will help to shape their futures and why they should see and value themselves as their greatest asset and to hear from them their goals, aspirations and the challenges that are currently being experienced by our younger generations,” she said.

In introducing the program the Government had said it was aiming to help participants: “examine the adolescence values, competencies, belief systems, inner feelings, motivations, critical thinking, and communication skills,” in order to “build their self-awareness and interpersonal relationships to strengthen their self-esteem— to create a sense of pride and enhance self-respect, self-worth, and self-esteem as they mature and improve personally and professionally.”

The Department said the event was expected to impact 100 girls.

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What’s at LJMMA? President explains snazzy equipment 

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Dana Malcolm 

Staff Writer 

 

 

#TheBahamas, March 27, 2023 – Situated on a Cay of its own, the LJM Maritime Academy (LJMMA) is the Bahamas’ only school of its kind and with sponsorships from Campbell Shipping, Royal Caribbean Cruise Line, Carnival Cruises, Disney Cruises, and more it boasts an extremely well-equipped campus. The Turks and Caicos Community College (TCICC) is now partnering with the LJMMA to bring those amenities to TCI students through TCICC.

Brendamae Cleare, President of the institution, joined in on a maritime stakeholder meeting introducing the partnership to the Turks and Caicos’ residents on Tuesday, March 21, detailing everything that the LJMMA had to offer.

“We have– classrooms, workshops, a bridge simulator room, a crane simulator, an engine simulator and we also have a GMDSS simulator and radar simulator as well,” she explained.

The simulator building was commissioned to the tune of $30 million and is only in phase one. Also included alongside the fancy simulators, which give students hands-on experience with the boat engines and cranes that they will work with in the future, there are temporary administrative offices, libraries, nurse’s stations and more.

Other buildings on the Cay include, a firefighting simulator and the school even has lifeboat simulators, which mimic what it would be like pushing the lifeboat off the side of a huge vessel and maneuvering it in the ocean.

The Maritime Academy was birthed in 2011 when executives at Campbell Shipping including Lowell J. Mortimer (which is the only Bahamian-owned shipping company Cleare says), realized that there were no Bahamians working on their ships and were determined to change that.

“We had the college of the Bahamas, which is now the University of the Bahamas. We had a technical and vocational institution. We had banking and tourism colleges, but nothing like maritime but [we said] why not maritime?”

And the LJMMA so was born, named after its founder Mortimer. In its first year, it fielded over 180 applications and accepted just over 40 students. It is semi-regimented, which means strict rules for students, just as they would have to abide by on vessels.

The institution is accredited by the National Accreditation and Equivalency Council of the Bahamas, the Bahamas Maritime Authority, the Institute of Materials, Minerals, Mining and others.

Cleare said the vision of the school was to become a globally recognized institution of excellence, in maritime education and training.

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