7. VAT to be withheld regardless of registration status.
(1) A withholding agent shall withhold forty per cent of the VAT due on every prescribed payment, whether or not the supplier has included VAT in the price and irrespective of the registration status of the supplier.
(2) Where a prescribed payment equal to or in excess of the registration threshold under section 21(a) of the Act is due to a supplier, a withholding agent shall —
(a) not pay the supplier unless the supplier is a VAT registrant; and
(b) – upon registration of the supplier deduct from the payment forty per cent of the VAT due thereon.
….
Source gov.bs
Latest Posts in "Bahamas"
- Bahamian PM Announces VAT Reduction on Essential Items Including Medicines and Hygiene Products
- Consumer Protection Commission Warns Against Price Gouging During Back-to-School VAT Holiday
- Guidance on Provisional VAT Invoice for Conveyances Issued by Inland Revenue Department
- Bahamas to Reduce VAT to 5% on Basic Commodities and Medical Supplies from September 2025
- Superwash Expansion Faces Challenges Due to $1m VAT Reform, Says Former Minister D’Aguilar
