The Tribune

EY Bahamas (formerly Ernst & Young) has engaged a New Zealand-based partner and tax specialist to help prepare clients and Bahamian companies on Value-Added Tax’s (VAT) implementation.

Iain Blakeley is this week featuring in a series of roundtables with key stakeholders – including executives from the insurance, banking and tourism industries, and government – to discuss VAT.

Mr Blakeley leads EY New Zealand’s indirect tax practice and EY law, a specialist tax law firm. He provides tax services to a wide range of businesses and government entities, and has specialist experience in VAT, property taxation, legislative drafting and tax disputes.

The purpose of EY’s focused roundtables is to educate businesses in relation to VAT and what they need to do to prepare for it, including preparation, implementation, management and compliance considerations.

The sessions will provide participants with an update on the VAT proposal, give them an overview of its implications, arm them with actions they can take to prepare themselves for VAT implementation, and foster better understanding of how VAT applies to their business.

“Over the past few weeks various industries have had views and discussions on VAT, with more recent comments focusing on tourism,” says Michele Thompson, EY Bahamas’ managing partner.

“More in-depth discussions and a clearer understanding is warranted by the business community on the impact the implementation of VAT will have on their business.

“We aim to avoid unfounded and inappropriate comments, such as those made recently in the media around our tourism industry, an industry which is and will continue to be a staple of the Bahamas’ economy. It is imperative that Government and businesses work together to ensure the implementation of VAT allows the industry to continue to flourish.”

The roundtables and focus meetings held by EY conclude tomorrow.