Vat Withholding вђ Department Of Inland Revenue

Vat Withholding вђ Department Of Inland Revenue Vat withholding is a new government process to withhold 40% of the vat due on payments for specific goods and services from vendors. this withholding is not a tax, but a way to boost the collection of a portion of vat due from suppliers. this process only applies to supplies that attract the standard (10%) vat rate for payments $10,000 and above. The department of inland revenue shops at carmichael plaza, carmichael road po box n 13 nassau, bahamas [email protected] 242 225 7280 (toll free) 242 461 8050.

Vat Withholding вђ Department Of Inland Revenue Yes. when you import goods the customs department will add the duty to the value of the goods and then charge vat on this total. for example, if you purchase a good for $100 dollars in the us and the duty rate on the item is 25 percent, the duty owed will be $25. vat will be charged on $125. List of circulars . circular to suppliers of tea, rubber and coconut products registration under value added tax and simplified value added tax scheme for certain industries circular no. sec 2024 e 01 [04 january2023] circular to senior citizens senior citizens’ quarterly income tax refunds for advance income tax (ait wht) deducted on. Information circular. no:2023 01 publication date: 3rd march ,2023. line on the withholding and self account of value added tax (vat)this circular is issued by the federal inland revenue service (“the service”) for the guidance of the general public, tax practitioners and taxpayers on the operation of vat withholding regime in line with the pr. Vat withholding is a new government process to withhold 40% of the vat due on payments for specific goods and services from vendors. this withholding is not a tax, but a way to boost the collection of a portion of vat due from suppliers. this process only applies to supplies that attract the standard (10%) vat rate for payments $10,000 and above.