Bahamas Tax Agency posts guidance on VAT withholding

The Bahamas Department of Inland Revenue has announced the introduction of new VAT withholding requirements with effect from 1 August 2022, requiring certain agents to withhold 40% of the VAT due on supplies of certain goods and services. The guide includes amongst others the requirement for the VAT withholding agent to withhold 40 percent of the VAT due on specific VAT supplies and a list of goods and services covered under the VAT withholding supplies.