The Free National Movement criticized the Davis government for reducing the value added tax reporting deadline for Bahamian companies with annual turnovers exceeding $5m from 28 days to 14 days. The FNM argued that this change would burden businesses and cause more harm than good. They also accused the government of violating the law and deadlines related to public procurement. The FNM stated that the Minister of Finance seems to be detached from the harsh realities impacting many small and medium-sized businesses. The VAT Amendment Bill 2023 defines a “large taxpayer” as an entity with an annual turnover of $5m or more and requires them to file a VAT return within 14 days after the end of each tax period, regardless of whether or not tax is payable.
Source Tribune242
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