V.A.T. Information

(for The Commonwealth of The Bahamas only)

The Value Added Tax Act, 2014 came into force in the Commonwealth of The Bahamas on January 1, 2015. Under that statute, insurance services (except those exempted) provided on or after July 1, 2015 were taxable at a standard rate of seven and one half per cent (7.5%). Amendments to the Value Added Tax Act, 2014, effective July 1, 2018, have changed the standard rate to twelve percent (12%). VAT reflected on our invoices for insurance services incurred on or after that date will reflect the increased rate unless the services are exempt.

Accordingly, from July 1, 2015 VAT will be added to our invoices for insurance services incurred on or after that date at the applicable rate unless the services are exempt.