NASSAU, BAHAMAS — Intuit Limited, the company which developed and markets the popular Quickbooks accounting software package is the latest international company to announce that it will begin remitting Value-Added Tax (VAT) to The Bahamas government.
The company in a recent notice to Quickbooks subscribers said that based on VAT legislation in the Bahamas it is required to charge VAT on all services to all customers in The Bahamas.
“As a result, starting on your next bill date on or after 10th April 2023, we will be required to charge 10 percent VAT on all QuickBooks Online subscriptions. VAT charges are collected by Intuit on behalf of the Bahamas Department of Inland Revenue (DIR) and as such, should not be considered a price increase. Intuit is unable to provide tax advice. For assistance with tax, we encourage you to consult a tax advisor,” the company stated.
Back in 2020, Facebook revealed its intent to collect value-added tax (VAT), beginning November 1, on ads run on its social media platform where business and personal addresses are set to The Bahamas.
The Department of Inland Revenue has also imposed VAT on visitors who book rooms online through the home-sharing giant Airbnb.
Mark Turnquest, the 242 Small Business Association, and Resource Centre’s (SBARC) president, said: “The government is just expanding their VAT input to a point where they’re trying to increase their revenue through taxes. I have no problem with them getting VAT on subscriptions and other things once they utilize the money to improve business development in the country.
“You’ll find that the government needs money or all kinds of stuff right now. Once they use the VAT money toward business development I have no problem with that.”
Quickbooks to remit VAT to The Bahamas government
- League Standings Of Ghana In The AFCON Qualifiers
- We Are Still Facing A Crisis At The Border – Steve Bannon’s War Room: Pandemic
- CDC Warns Of Artificial Tears Eye Drops; Dangerous Side Effects Including Death |
- Trump Posts Photo Of Him Holding A Baseball Bat Next To Pic Of Bragg
- Ghost’ Season 3 Premiere Sets Starz Viewership Record