The Department of Inland Revenue in the Ministry of Finance has announced that value-added tax (VAT) registrants in the Abacos and Grand Bahama with VAT filings due in September and October will now have their deadlines extended to the end of November, as a result of disruptions from Hurricane Dorian.
A press statement released from the Department of Inland Revenue noted that those businesses that wish to temporarily suspend operations and their business licenses “are required to submit a change of circumstance request by October 30, 2019”.
“This request to temporarily suspend operations may be submitted either as a change of circumstance request case through your online tax administration system (OTAS) account or by completing and submitting the FORM 71 to the island administrator’s office on Abaco or at the Department of Inland Revenue office on either Grand Bahama or New Providence,” the statement pointed out.
“VAT registrants holding funds for the government on the affected islands are encouraged to make the required payments.”
The government has been making inroads into putting provisions in place for Abaco and Grand Bahama residents to get their businesses back into operation as soon as possible.
During a special press conference held yesterday, Prime Minister Dr. Hubert Minnis explained that those business people on the islands affected by Hurricane Dorian who want to start or resume business – outside of businesses with high-risk hazards – will be able to receive a provisional business license on application as the formal license is being processed.
“This will allow people to begin operating immediately,” Minnis said.
“The goal here is that once individuals have submitted all their required documentation, all requisite approvals should take no more than five working days to obtain the respective regulatory sign-off.”