Monday, November 24, 2014
By LAMECH JOHNSON
Tribune Staff Reporter
ljohnson@tribunemedia.net
WITH the implementation of value added tax only six weeks away, the College of The Bahamas is advising students of how the 7.5 per cent tariff will affect their bills in the next semester and beyond.
In a statement issued over the weekend, the institution noted that effective January 1, 2015, VAT will be applied to tuition fees related to non-degree programmes, courses and seminars, all non-tuition fees, and all other goods and services offered by the institution.
“This includes tuition and fees for Spring 2015 that were paid in advance,” the statement said.
A concerned parent, who wished to remain anonymous, expressed concern to The Tribune about this.
“This bothers me because my one child’s school fees are already paid for Spring 2015,” said the parent.
“Based on this letter, even if Spring 2015 fees have already been paid in full or part, if COB cannot get VAT deferred for its students, they will get a VAT bill on non-tuition fees. I assume this is for fees such as technology, library, and the capital facility development fee - $100 alone!
“I’m here thinking that with this being the last semester for my child, I’m getting ready to only pay for books and get ready to pay graduation fees. I know VAT was coming, but I figured if I’ve paid my child’s tuition and fees and the balance on the bill says zero, I’m not expecting an additional bill,” the parent added.
State Minister for Finance Michael Halkitis could not be reached for comment up to press time.
According to VAT legislation, education services, including tuition-funded courses at schools and programmes leading to graduate and undergraduate degrees will be exempt from the tax.
In the statement COB noted: “We appreciate that many of our students and their families are challenged in their ability to fund higher education costs.
“Accordingly, the college administration is seeking to secure a deferral of the implementation of VAT on tertiary instruction and associated fees to Fall 2015. In the event we are unsuccessful, the 7.5 per cent VAT will apply to the following: tuition and non-tuition fees for preparatory courses, professional and personal development courses, and any other continuing education courses and seminars offered through the Centre for Continuing Education and Extension Services; non-tuition fees related to degree programmes; all other products and services offered for sale by the institution.”
The college, which is planning a transition into a university, has approximately 5,000 students.
It earned a combined $20 million in revenue through tuition, fees, sales and services according to the Summary Budget Analysis of the 2014 fiscal year.
Comments
afficianado says...
Hmmmm so the national average grade is a D, which means those that weren't successful in obtaining good grades in the BGCSE will have to take prep courses at the C.O.B. and pay VAT on their ENTIRE bill.
Wow! Benjamin Franklin was right-Ignorance is expensive!!
Posted 24 November 2014, 2:15 p.m. Suggest removal
asiseeit says...
The whole nation suffers because our people are undereducated. The government and church have no desire to see an educated Bahamas as that will affect their voter base for the politicians and affect their tithes in the case of the church. You think an educated person would vote for the majority of politicians or give reverend/doctor/prophet a dime of their hard earned money?
Posted 24 November 2014, 2:23 p.m. Suggest removal
observer2 says...
Don't forget that an educated work force may reduce the numbers business.
Posted 24 November 2014, 4:26 p.m. Suggest removal
birdiestrachan says...
They should check to see the cost for other collages, and they will find they are doing well in comparison. Perhaps they will apply themselves and pass out quickly with a good education. To often Civil Servants are asking for more money and more benefits. The tax payers have to pay these amounts. There are no money trees in the Bahamas, The tax payer has to pay and pay some more.
Posted 24 November 2014, 3:16 p.m. Suggest removal
Publius says...
I truly believe that if this government passes a Bill that says it will tie your mother to a flag pole and swing her like Geno D, you will come on here and promote the benefits of such a Bill.
Posted 24 November 2014, 4:39 p.m. Suggest removal
ThisIsOurs says...
Please do not scare birdie away, this is the most entertainment we've had in weeks
Posted 24 November 2014, 7:56 p.m. Suggest removal
asiseeit says...
Try Germany where education is free. They also believe that for a nation to move forward it's people MUST be educated. It is only backwards nations like the Bahamas that have a political class that believes they are the masters and therefore must hold the citizens down, where education is not a priority. About the taxpayer having to pay, it would be nice to pay tax and actually get something in return. We pay tax, the government wastes, steals, and mismanages that tax, so we as Bahamians are getting ripped off. The only people who are happy are the politicians, their crony's, and the blind faithful. no government is perfect but The Bahamian people must deserve better and demand better!
Posted 24 November 2014, 5:36 p.m. Suggest removal
Well_mudda_take_sic says...
Dese COB students who can least afford it is bein' hit hard by a most regressive tax! An ta tink dem poor pleb COB students gonna accept dere business school bein' named after Franky Wilson aka Snake who laughing' all da way ta da bank dat he ain't gonna hav'ta pay no progressive income tax on his mega millions! Mercy, mercy!! Dese mussey really be some dumb students if day ain't gonna do sum serious riotin' over all dis nonsense!
Posted 24 November 2014, 7:22 p.m. Suggest removal
Emac says...
I agree with Well_mudda_take_sic on this one. As an alumni of COB, I say it is time for ALL COB students to take to the streets and demand better. Ya can't charge these extra fees if no one shows up!
Posted 25 November 2014, 4:16 a.m. Suggest removal
duppyVAT says...
COB students today are WIMPS .............. MAMAS boys and DIVA chicks ... they need to understand that they are the future leaders of the country because the 20% that get overseas scholarships dont come back anymore.
If the present COB students do not have anymore fight in them........... the future is DULL. They cannot expect their future to be BRIGHT if they are so laid-back and reactive ................ like their parents.
Posted 25 November 2014, 8:44 a.m. Suggest removal
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