- The Bahamian government proposed the VAT Amendment Bill 2025.
- Introduces tiered penalties for false VAT declarations in property transfers.
- Requires real estate agents to file declarations for new dwellings with joint liability for non-compliance.
- Disallows input VAT deductions for major construction unless it involves taxable property supply.
- Provides detailed rules for carryforward of excess credits and refund claims, which must be filed within one year.
- Increases VAT to 10 percent on sweets and sodas.
- Reduces VAT to 5 percent on specified medical and hygiene products.
- The law would generally apply from 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.
