- An Opposition MP claims the Government is taking desperate measures to address tax avoidance costing $100 million annually.
- Adrian White, MP for St. Anne’s, criticizes new compliance measures that may impact a significant tax revenue sector.
- Planned VAT Act reforms will require realtors to report all property sales within 30 days or face penalties.
- The Government aims to crack down on VAT evasion in real estate transactions.
- Previous efforts to improve VAT compliance have been disappointing.
- The Government estimates a $100 million annual revenue loss, mainly from foreign real estate purchases.
- New measures include penalties for under-reporting transaction values.
- The legislative package includes a 30-day reporting deadline for newly-constructed sales.
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.
Latest Posts in "Bahamas"
- Bahamas VAT Act (July 1, 2025)
- Bahamas Reduces VAT on Medicines and Essential Goods to 5%
- 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
