- Law No. 18/2024, on the VAT (Amendment) Act, 2024 was published in The Bahamian Official Gazette on June 27
- The law clarifies that VAT on real property is chargeable at a zero percent rate for specified supplies and at specified rates for other supplies
- It specifies conditions for fines or penalties for recipients of real property supplies
- Taxpayers with VAT liability due to unstamped or insufficiently stamped conveyance deeds can have VAT calculated at the property’s market value
- Information required for a real property declaration is specified
- The Comptroller may amend the interest rate for refunds under the VAT Rules
- The law came into force on July 1
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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