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VALUE ADDED TAX ACT, 2014 - Bahamas Financial Services …

VALUE ADDED TAX ACT, 2014 . Arrangement of Sections Section PART I PRELIMINARY 5. 1. Short title and 2. 3. PART II IMPOSITION AND LIABILITY FOR PAYMENT OF VALUE . ADDED TAX 14. 4. Imposition of 5. Persons liable to pay and account for 6. Rates of 7. Exempt supplies and exempt 8. Exempt 9. Refunds to Port licensees in certain 10. Tax-inclusive 11. Interest on unpaid tax treated as PART III ADMINISTRATION 17. 12. Establishment of the VALUE ADDED Tax 13. Functions and powers of the 14. Identity cards and oaths of 15. Minister may give policy 16. Administrative fines and warning 17. VAT Rules and 18. Advance VAT PART IV REGISTRATION 25. 19. Mandatory 20. Voluntary 21. Registration 22.

VALUE ADDED TAX ACT, 2014 “goods” means real or tangible personal property and utilities but does not include money; “Government” means the Government of the Commonwealth of The Bahamas and includes a ministry, department, statutory body, agency, …

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Transcription of VALUE ADDED TAX ACT, 2014 - Bahamas Financial Services …

1 VALUE ADDED TAX ACT, 2014 . Arrangement of Sections Section PART I PRELIMINARY 5. 1. Short title and 2. 3. PART II IMPOSITION AND LIABILITY FOR PAYMENT OF VALUE . ADDED TAX 14. 4. Imposition of 5. Persons liable to pay and account for 6. Rates of 7. Exempt supplies and exempt 8. Exempt 9. Refunds to Port licensees in certain 10. Tax-inclusive 11. Interest on unpaid tax treated as PART III ADMINISTRATION 17. 12. Establishment of the VALUE ADDED Tax 13. Functions and powers of the 14. Identity cards and oaths of 15. Minister may give policy 16. Administrative fines and warning 17. VAT Rules and 18. Advance VAT PART IV REGISTRATION 25. 19. Mandatory 20. Voluntary 21. Registration 22.

2 Application for 23. Grant of 24. Unregistered taxable person remains liable to pay and account for 25. Registrant must display certificate of 26. Notice of change of 27. Cancellation and suspension of 28. Register open to the PART V SUPPLIES OF GOODS AND Services 33. 29. Rules relating to a supply of 30. Rules relating to a supply of 31. Treatment of supplies of goods and Services in special 32. Rules relating to time of 33. Rules relating to place of 34. Treatment of place of supply in special 35. Calculation of the VALUE of a taxable 36. Calculation of the consideration for a taxable 37. Rules relating to VALUE of a taxable 38. Calculation of the VALUE of a hotel accommodation or tour PART VI IMPORTS OF GOODS AND Services 42.

3 39. Time of import of goods and 40. Mixed 41. Calculation of the VALUE of a taxable 42. Calculation of the consideration for a taxable 43. Rules relating to VALUE of a taxable 44. Payment of tax for a taxable importation of 45. Payment of tax for a taxable importation of PART VII - CALCULATION OF TAX PAYABLE BY TAXABLE AND. OTHER PERSONS 46. 46. Tax payable by 47. VAT 48. Tax payable by unregistered taxable 49. Tax payable by 50. Rules relating to a claim for input tax 51. Claim for input tax deduction by a new business 52. Post-supply adjustments to output 53. Post-supply adjustment due to bad 54. VAT invoices and VAT sales 55. Tax credit notes and tax debit 56. Carry forward of excess credits and refund of 57.

4 Interest on 58. Other persons eligible for tax 59. Port licensees eligible for tax refund in certain PART VIII - ASSESSMENTS 61. 60. Rules relating to 61. Assessment as evidence in proceedings, other PART IX INVESTIGATORY POWERS AND ENFORCEMENT 63. 62. Investigatory powers of the Comptroller and VAT 63. VAT officer's powers of entry and 64. Comptroller may require bond at time of 65. Comptroller may request 66. VALUE ADDED Tax Department has lien on 67. Seizure of goods and 68. Distress 69. Right of entry to execute seizure and 70. Registration of goods prohibited until payment of 71. Recovery of tax from recipient of supply in case of 72. Comptroller has power to recover tax from 73.

5 Duties of 74. Comptroller has power to declare 75. Schemes for obtaining tax 76. Liability of a director or similar officer of a company to pay 77. Temporary closure of business 78. Publication of names of VAT PART X RECORD KEEPING AND ACCOUNTS 77. 79. Reliable accounting records to be 80. Nature of records to be PART XI OBJECTIONS AND APPEALS 79. 81. Objection to a decision of the 82. Establishment of VAT Appeal 83. Hearing of appeals by Appeals 84. Appeal to the Supreme PART XII MISCELLANEOUS 83. 85. VAT or taxpayer identification 86. Officers of unincorporated 87. Dissolution of partnerships and other unincorporated bodies or 88. Death or insolvency of taxable 89.

6 Mortgagee in possession, 90. Variation of cost on a change in VAT 91. Application of 92. Making of false or misleading 93. Remission of 94. Contravention of tax 95. 96. 97. Electronic 98. Transitional 99. FIRST SCHEDULE (SECTION 6) 93. ZERO RATED SUPPLIES AND IMPORTATIONS 93. SECOND SCHEDULE (SECTION 7) 97. EXEMPT SUPPLIES AND IMPORTATIONS 97. VALUE ADDED TAX ACT, 2014 . c VALUE ADDED TAX ACT, 2014 . AN ACT TO PROVIDE FOR THE IMPOSITION ASSESSMENT AND. COLLECTION OF VALUE ADDED TAX ON THE SUPPLY AND. IMPORTATION OF GOODS AND Services IN THE Bahamas AND. FOR CONNECTED MATTERS. Enacted by the Parliament of The Bahamas PART I PRELIMINARY. 1. Short title and commencement.

7 (1) This Act may be cited as the VALUE ADDED Tax Act, 2014 . (2) Subject to subsection (3), this Act shall come into force on the 1 st day of January, 2015. (3) The Minister may appoint, by notice published in the Gazette, different dates for the coming into force of Part III, Part IV and section 98 of this Act, respectively. 2. Interpretation. (1) In this Act, unless the context otherwise requires . Appeal Commissioner means a member of the VALUE ADDED Tax Appeal Commission;. authorised person means a person authorised in writing by the Comptroller to act for and on behalf of the Department under this Act;. business includes . (a) a trade, profession, vocation, venture, or undertaking.

8 (b) the provision of personal Services , or technical and managerial skills, and any adventure or concern in the nature of trade that does not include employment;. Page - 5. VALUE ADDED TAX ACT, 2014 . (c) the provision by a club, association or organisation, for a subscription or other consideration, of the facilities or advantages available to its members;. (d) the admission, for consideration, of persons to any premises;. (e) the exploitation of tangible or intangible property for the purpose of obtaining income on a continuing basis from such property;. Comptroller or Comptroller of VAT means . (a) the Comptroller of VALUE ADDED Tax referred to in section 12;. (b) a VAT officer or authorised person acting on behalf, or under the authority, of the Comptroller.

9 Construction goods or Services means goods or Services supplied directly in the construction, major reconstruction, manufacture, or extension of a building or civil engineering work;. credit agreement means a . (a) hire-purchase agreement under the Hire Purchase Act (Ch. 342) and includes a conditional sale agreement and a credit sale agreement;. (b) finance lease as determined by criteria prescribed in regulations;. Customs Management Act means the Customs Management Act (No. 30 of 2011);. Department or VAT Department means the VALUE ADDED Tax Department established under section 12;. The Bahamas means the entire territory of the Commonwealth of The Bahamas , including its territorial waters, airspace and its Exclusive Economic Zone.

10 Exempt importation or exempt import means an import of goods or Services into The Bahamas by any person on which VALUE ADDED tax is not chargeable;. exempt person means a diplomatic mission or international organisation, and their eligible staff members, in relation to the acquisition of a qualifying good or service comprising a taxable supply or a taxable importation;. exempt supply means a supply of goods or Services of a description for the time being specified in the Second Schedule;. export has the meaning ascribed in subsection (2);. Financial institution means an institution or person referred to in section 3 of the Financial Transactions Reporting Act (Ch. 368).


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