Bahamas Tax Agency Posts Guidance on VAT Withholding

The Bahamian Department of Inland Revenue July 25 posted guidance on the VAT withholding rules. The guide includes: 1) the definition of VAT withholding; 2) the requirement for the VAT withholding agent to withhold 40 percent of the VAT due on specific VAT supplies; 3) a list of goods and services covered under the VAT withholding supplies; 4) a threshold for the agent to withhold VAT for payments of 10,000 Bahamian dollars (US$10,000) and above; 5) the application of the threshold for supplies charged at the standard 10 percent VAT rate; 6) the filing obligation of VAT withholding agents; 7) ...