The Bahamas Department of Inland Revenue has published new VAT guides reflecting the increase in the VAT rate from 7.5% to 12.0% and other VAT changes effective 1 July as provided for in the 2018/19 Budget. One of the key guides regarding the increased rate is VAT Guidance on Transitional Arrangements. The guide includes that:
- For contracts for the provision of goods or services entered into before the transition date (1 July) that have not been performed before that date, the supply is sub…