The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Ministry of Finance’s financial secretary has confirmed that several Value-Added Tax (VAT) refunds have yet to be processed because of “audit specific VAT accounting issues”, although the majority of claims have been paid.

John Rolle was responding to comments by Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, Gowon Bowe, who last week said some businesses have complained of significant delays in receiving their VAT refunds.

In an e-mailed response to Tribune Business, Mr Rolle said this was “quite a generalisation”.

“I am familiar with several refunds that have not been processed because of audit-specific VAT accounting issues,” he added.

“In the meantime, the majority of eligible refund cases have been processed. Now, we are beginning to certify charities to begin to receive refunds.”

Mr Bowe, who addressed the Rotary Club of West Nassau, said the Government living up to its VAT refund pledge was key to ensuring public confidence and trust in the new tax regime.

He added that while consumers have, for the most part, adapted to VAT, the underlying public concern is what is happening to the money being collected from it.

Mr Bowe said that while the Chamber’s Coalition for Responsible Taxation was instrumental in voicing the private sector’s concerns to the Government, there was a need once again to bring the private sector’s concerns to the forefront.