NASSAU, Bahamas — Minister of Finance Peter Turnquest said in a statement yesterday that he is confident businesses will be ready to implement the change in their systems that will render breadbasket items free of value-added tax (VAT) and zero-rated on August 1.
With the change only one week away, Turnquest said the Ministry of Finance has been polling businesses to gauge their readiness and providing them with supplementary guidance notes for the transition.
“The Ministry of Finance has been consulting with businesses and mobilizing its internal teams to assist in creating a smooth transition,” noted his statement. “This week we issued additional guidance notes to businesses, particularly those that will be selling breadbasket items and medication, and we encourage businesses that are still unclear about the implementation of the law to reach out to Ministry of Finance or its agencies, including the Department of Inland Revenue and the Department of Customs.” https://thenassauguardian.com/2018/07/25/dpm-confident-firms-ready-for-vat-free-items-implementation/
