The Bahamas Provides VAT Exemption for Bread Basket Items and Medications

The Bahamas Department of Inland Revenue has issued two releases announcing new VAT exemptions effective 1 August 2018. These include an exemption for breadbasket items, including baby food/formula, bread, butter, cheese, cooking oil, flour, rice, and others, and an exemption for medications, including all prescription and most over-the-counter medication.