ELCOTT COLEBY’S WEEK IN THE BAHAMAS (1-5 December 2014)
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Ministry of Finance releases VAT schedule of fines and amnesty
check times;”>With the passing of the deadline for VAT registration on 30th November, illness the Ministry of Finance warned of the issuance of fines to late registrants, but “those businesses making best efforts to register within the first few weeks after the deadline may see their fines reduced or even waived altogether” said the Ministry in a press statement.
The Ministry advised that the VAT Department will be issuing warnings and imposing fines during a transitional period following the registration deadline of November 30th, 2014
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. The fines for late registration will depend on the delay following the deadline, the size of the business, and whether the application is submitted voluntarily or as a result of prompting by the VAT Department.
For example, businesses that register late, but on their own volition may be issued a warning or fined an amount of up to $10,000. Businesses that register as a result of direct contact by the VAT Department may be issued a warning or face stricter fines up to $20,000.
It was reported that as of the deadline, some 4,417 applications had been submitted to the VAT Department for processing. The department admitted to expecting around 4,000 applications.
Prime Minister Christie “transparent” on BOB’s future
Speaking to the media earlier this week about the future of Bank of The Bahamas following the initial restructuring of $100 million of the bank’s commercial portfolio, Prime Minister Christie had this to say about the bank’s future:
“Whatever we are doing, we are going to have to account to the Bahamian public for it. We did it in a very public way by saying this was done to aid the Bank of The Bahamas; that’s done. With respect to that money, we are hiring an accounting firm to manage Resolve (the incorporated collection company), that (accounting) firm has been identified. I have had a meeting with one of the partners of the firm…I have given the directions that I would wish to give as the government on how we would wish this to be done in the best interest of the Bahamian people. I expect then to review reports that have been done; I expect them to get going and I expect to come to the Bahamian people on what will be happening with the company Resolve.”