Attorney warns on new taxation: VAT 'business will change drastically'
As concern regarding the implementation of VAT slated for 2014 continues to rise, local attorney at law Carey Leonard addressed the Rotary Club of Freeport yesterday and said his main goal is to inform the public of the harmful effects it will impose on the state of the country.
Carey compared VAT to a tropical storm within the business sector as he noted there is an array of issues.
He said, "Tropical storm new customs management regulations is on us, new accounting reporting requirements for companies, IBC's, trusts and partnerships were the first four Acts of 2013 and they have now become law.
"You must have not felt the effect yet ... there are six or seven Bills out for review, all to meet the EPA and WTO. The new Intellectual Property legislation is forming. Hurricane Value Added Tax will arrive in 2014, leading up to The Bahamas ascension into the WTO, and for sometime after it there will be a requirement for new legislation and new regulations to enable The Bahamas to comply with all its treaty agreements."
Leonard noted that his underlying goal for the fast approaching ordeal is to impart knowledge to the public.
"The main goal is really to continue the education of the general public on Value Added Tax and more particularly the World Trade Organization," he said.
Click HERE to read more
Click HERE to read the White Paper on VAT