Bahamas Justice Ministry Posts VAT Amendment (No. 2) Bill 2025

The Bahamian Office of the Attorney General and Ministry of Legal Affairs May 28 posted online VAT Amendment (No. 2) Bill, 2025. The bill includes measures to: 1) introduce tiered penalties for false VAT declarations in property transfers; 2) require real estate agents to file declarations for newly-constructed dwellings, with joint liability for penalties for non-compliance; 3) disallow input VAT deductions for major construction unless it involves a taxable property supply; 4) provide detailed carryforward rules for excess credits and refund claims, which claims must be filed within one year of eligibility; 5) increase VAT to 10 percent from 5 ...