- Senior tax official surprised by complaints about struggles to pay VAT on yacht charter contracts
- Department of Inland Revenue typically issues TIN numbers within 30 minutes of receiving charter contract
- Yacht charters facing delays of up to six to eight weeks to obtain TIN numbers
- Delays in obtaining TIN numbers causing obstacles for obtaining charter licenses and making tax payments
- Yacht agents and brokers holding VAT payments until TIN numbers are received
- Delays in obtaining TIN numbers deterring visiting boats and charters from coming to The Bahamas
- Yacht and charter agents/brokers reluctant to hold onto VAT payments on behalf of clients
- Agents returning funds to boats if filing period is missed, creating further delays in payment
Source: tribune242.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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