The Tribune

Nearly 100 Grand Bahama Port Authority (GBPA) licensees attended its four-day training initiative on Value-Added Tax (VAT).

GBPA vice-chairman, Sarah St. George, said: “Every one of us will be impacted by VAT in some form or other. All of this is vital because VAT applied to us here in Freeport will be a bit different to its application elsewhere in the Bahamas.

“While Freeport should see more exemptions and zero rating, that does not necessarily mean an easier transition. So it’s very important that we take the time to follow the consumer tax theory and actual mathematics of VAT.

“I think that, by the end of the week, everyone will have a basic grasp of numbers and software programmes as well as formulated new practical questions. I certainly have”.

Keith Worrell, from the Government’s VAT implementation unit, said: “The purpose of this exercise today is to try to give licensees a clearer understanding about the way in which VAT would impact their business, as well as the role that we expect them to play in the VAT regime.”

VAT training sessions will continue until the end of the week, beginning at 9.30am each day. Yesterdah focused on the manufacturing and industrial sectors, while today’s segment will focus on businesses within the transport sectors (both passengers and goods). Sessions on Friday will focus on businesses in the professional services sector.