BAHAMIAN consumers will “undoubtedly” see increased cost of services at pharmacies and other places due to the new interpretation of the VAT Act regarding remittance on medical insurance and healthcare services.
The changes in the treatment of VAT, imposed by the Department of Inland Revenue (DIR) and the Ministry of Finance starting on April 1, are in relation to insurers needing to remit VAT on their premiums as well as for other medical services provided such as hospitalisation, doctor’s visits, purchase of medication, therapy and other services.
Source: tribune242.com
