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 Duty Updates

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Capt. Kool Aid

Posts : 33
Join date : 2016-01-14

PostSubject: Duty Updates   Sat Nov 12, 2016 8:05 pm

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El G

Posts : 26
Join date : 2015-09-23

PostSubject: Re: Duty Updates   Mon Nov 14, 2016 2:10 pm

Thanks Capt.  It does not look like the rates have gone down since the implementation of the VAT, as the government suggested at the time they introduced the VAT.

What I don't understand is that the VAT is being collected at every "step" along the way.  First when the product enters the country, then at the wholesale level and then again at the register.  Seems like they are getting 3x the VAT for the same product.

It has gotten very expensive to be in the Bahamas.

El G
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Posts : 34
Join date : 2015-09-27

PostSubject: Process   Tue Nov 15, 2016 10:02 pm

Hey El, the way the process is supposed to work is that retailer #2 gets the rebate on the VAT from the previous purchase...they get to deduct what they have already paid in VAT from the VAT they have collected, supposedly at a higher amount. The gov't should only end up with the VAT from the last sale. Two factors work against this being done properly. The gov't wants their total funds first then the retailer gets a rebate and more importantly they need auditors to ensure the tax is being collected and sent on to gov't. The ensentive is that the retailers should get money back.
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