The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas Real Estate Association (BREA) is moving to compile membership queries and concerns on the proposed Value-Added Tax (VAT) system before it presents its formal position to the Government, its president says.

Following a second BREA webinar that focused on the proposed VAT regime, Franon Wilson told Tribune Business the association was giving its membership time to forward their concerns.

“During the webinar, members were able to hear about what’s coming and really and truly get an understanding of what VAT is and the implication for the real estate industry. That went very well,” Mr Wilson added.

“After the meeting members were invited to send all of their comments, concerns or questions to BREA’s office. The Board will compile those, go through them and write a formal letter to the Ministry of Finance on those.

“We’re going to give our members an opportunity to send what they have first and work very quickly to send that letter in. The process seems to be moving forward and we want to ensure that our members have an opportunity to let BREA know what their concerns are and send that on to the Government. Some of those questions may have already been addressed, but it is just a matter of making sure that it is written down and put out there,” said Mr Wilson.

The Government is proposing to implement a Value Added Tax (VAT) on July 1, 2014, at a rate of 15 per cent, while the hotel industry would be subject to a lower 10 per cent rate.