EDITOR, The Tribune.
Does Ministry of Finance have any idea what actually is the pre-qualifying cost for signing up for VAT, seeing that there is a specific requirement to be current with the following taxes?
(1) Real Property Tax...some say over $340 million owed.
(2) NIB...millions still unpaid.
(3) Business License...unknown.
So as we only have a 46 per cent compliance level for paying all taxes, I suggest without government agencies being extremely liberal, with agreeing to finance a massive level of current Tax Debt, few will be able to sign-up, and probably that is the reason why signing-up seems to be considerably behind.
Is this yet again government not doing its homework?
Possibly the best advice to government, is to concede that it is best to get the businesses signed up, then worry about what they owe. Let’s see if there is any logic and sense at Finance?
Anyone tried to get an answer from VAT? A mystery line in a haunted castle!
CALEB SMITH,
Nassau,
November 19, 2014.
Comments
duppyVAT 9 years, 5 months ago
Serious issues posed................ seems that VAT will be DOA............. another legacy of Perry dem
B_I_D___ 9 years, 5 months ago
I think the only pre-requisite at the moment for your VAT # to be approved and generated is your business license needs to be current.
TheMadHatter 9 years, 5 months ago
Yes, but that's the point. You can't get a current license without NIB and land taxes being up to date - and if you are a LTD company that includes your corporate fees and registrar general fees.
But anyway, the proof will be in the pudding as always.
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