Get the free VALUE ADDED TAX - Department of Inland Revenue - inlandrevenue finance gov

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THE GOVERNMENT OF THE BAHAMAS The Department of Inland Revenue Ministry of Finance ONLY REGISTRANTS LIST As of October 1, 2017, BUSINESS NAMETAXPAYER ADDRESS100854192 104105892 102980792 100591576 101505176 102559200 103080600 105375142 100213092 100874976 100436284 103181226 100702776 100979668 101307976 101376242 100536500 104661668 103933368 100590850 101256568 101314200 103216926 101231150 100994234 100510218 100880450 103722292 100998726 102251368 101607126 100968426 100934634 100513826...

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How to fill out value added tax

01

Register for a VAT number with the tax authorities.

02

Keep detailed records of all sales and purchases made by your business.

03

Calculate the VAT on your sales by adding the appropriate percentage to the selling price.

04

Submit regular VAT returns to the tax authorities, detailing the VAT you have charged on your sales and the VAT you have paid on your purchases.

05

Pay any VAT due to the tax authorities by the deadline specified.

Who needs value added tax?

01

Businesses that are registered for VAT and are making taxable supplies need to charge and collect VAT from their customers.

02

Consumers may also indirectly pay VAT when they purchase goods or services that have already had VAT charged on them.

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What is value added tax?

Value added tax is a consumption tax added to a product at every stage of its production and distribution.

Who is required to file value added tax?

Businesses that meet the threshold set by the government are required to file value added tax.

How to fill out value added tax?

Value added tax can be filled out by reporting the taxable sales and purchases made by the business.

What is the purpose of value added tax?

The purpose of value added tax is to generate revenue for the government and to tax consumption.

What information must be reported on value added tax?

Information such as taxable sales, purchases, and VAT amount must be reported on value added tax.

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