Wednesday, August 26, 2020

Back-to-School VAT Holiday to commence with reopening of local businesses

By ZNS Bahamas

The Ministry of Finance advises the public that the Back-to-School VAT Holiday will begin on Monday, August 31, 2020. The purpose of the tax relief measure, announced during the Budget Debate, is to make back to school shopping less expensive for parents while providing support to local businesses throughout The Bahamas. The Department of Inland Revenue (DIR) will work with businesses across the country to administer this tax relief measure.

“While the Country grapples with the ongoing health and economic crisis, the Government will continue to find ways to reduce the financial strain on families and businesses and provide support where we can. With the VAT holiday on school supplies, parents and teachers will be able to find some financial relief as they prepare for the reopening of school. Even with the tax breaks, many people will still need the support of the broader community, so we continue to encourage and celebrate those who have been rallying together to support their neighbors, familymembers, friends and even strangers,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance.  Read more >>