Friday, December 12, 2014
By AVA TURNQUEST
Tribune Chief Reporter
aturnquest@tribunemedia.net
EARLY registrants for the new value added tax system have surpassed the government’s expectations with nearly 5,000 companies already on board, according to State Minister for Finance Michael Halkitis.
Mr Halkitis said he was very confident in the government’s readiness to implement the new tax on January 1.
He added that he planned to make a formal presentation in the House of Assembly next week on VAT preparation and readiness, as well as give an update on customs and real property tax modernisation and expenditure control, before parliament breaks for the holidays.
“We’re very confident,” he said. “Registration has gone extremely well. We’re up to nearly 5,000 registrants, and by the end of this week we expect to be over 5,000 registrants. It started off very slowly as we know, but it has accelerated towards the end.
“We had 4,500 (businesses) who were at $100,000 and above (the VAT threshold), but what we’ve found is that companies below $100,000 in turnover have come forward as well. What that means is that we have gotten a vast majority of those over $100,000, as well as quite a number under $100,000 so compliance with registration is looking very good.”
Mr Halkitis explained that findings from an external audit of his ministry’s preparedness were favourable with inspectors expressing that they were impressed with technical capacity.
“We’re moving ahead,” he said. “We expect to continue to have questions as we continue to go forward. We’re trying to do a very diverse series of education geared towards businesses and individuals, just trying to get the message out.
“As much as you do that, you will have people who quite frankly oppose it, that oppose the government, and who will say they don’t understand it, but it’s not because of lack of effort.
“We’re confident in our readiness,” he added, “we’ve done a lot of work over the last two years in getting it prepared to this point and we feel good about January 1. I think the vast majority of businesses are ready.”
Comments
duppyVAT says...
Please post the VAT registrants @bahamas.gov (online) so we can BOYCOTT all of them ...............
Posted 12 December 2014, 3:10 p.m. Suggest removal
GrassRoot says...
let the chaos begin. Don't think that there are even 5000 computers present on the island.
Posted 12 December 2014, 5:11 p.m. Suggest removal
Islandgirl says...
With all the threats you people were issuing, did you expect anything different minister? No one is in a rush to hasten the demise of our country. These businesses certainly aren't. No where in the Caribbean where this garbage was forced on the citizenry has the very awful tax been successful. All those countries are sinking and even with knowing this, you forced this on us. Garbage and filth. Collect the taxes you all are already due and stop giving your friends family sweetheart and nation of offspring passes that none of the rest of us get. Better educate the populace and cut the cabinet and civil service. We are being made to suffer further for foolishness done by government over the last forty plus years, the worst being the administrations of 2002-2007 and currently. People can barely afford to live in this ridiculously expensive place now and you are going to further the pain by putting this on us? Early election please and I hope only informed voters are allowed to cast votes. Some of the people who actually do and are bussed in to vote are a scary lot; they control all our future and destinies and have no clue as to the state of the nation, what is going on in the country and the consequences of voting in exchange for a favor. Disgraceful and horrific.
Posted 14 December 2014, 6:14 a.m. Suggest removal
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