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All Small Businesses Placed on Simplified VAT Returns Scheme

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March 15, 2015 (Nassau, Bahamas) – The VAT Comptroller has now approved all small businesses with $1 million or less in revenues to use the Cash Accounting Scheme. “These businesses do not need to take any other steps to use this simplified approach to complete their returns,” said a VAT Department spokesperson. “It will be available when they submit their first return in April.”

Most Registrants have reported annual sales of $1 million or less, and will therefore be able to benefit from this process. Effective immediately, they are all placed on the Cash Accounting Scheme. If a business insists, it can go back to using accrual accounting, although it is not expected that this option will be chosen often.

Under cash accounting businesses get to claim VAT credits for actual bills paid or purchases made, and their liability for VAT owed to the Government is only based on collections from customers as opposed to bills issued.

The filing process for cash accounting uses two pieces of information. The business must report total sales (including the VAT) based on actual payments collected from customers. They must also report total amounts paid (including VAT) for imports and for purchases from other VAT registrants. The difference between these two values, when multiplied by the VAT fraction of 3/43 will give the net amount owed to the Government or the refund that might be due.

A further simplification is that most businesses with revenues under $400,000 per annum can also request to use the Flat Rate Scheme. The amount of VAT due to the Government would be just 4.5 percent of collected revenue. In requesting to use this scheme the business must decide whether it would benefit from having less VAT to remit to the Government on a regular basis than if it used another accounting method.

However, licensees of the Grand Bahama Port Authority cannot use the Flat Rate Scheme. These businesses do not have to pay VAT on the same range of purchases as registrants elsewhere in the Bahamas and therefore their net returns cannot be reliably estimated this way.

“Now we will be issuing more tailored instructions to help businesses complete these simplified returns,” said the VAT Department spokesperson.

For more information visit www.bahamas.gov.bs/VAT or look up VATBahamas on Facebook, Twitter, YouTube and Instagram.

To contact the VAT Department directly, please send an email to vatcustomerservice@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.

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Environmental Health Department Recognizes Caribbean Mosquito Awareness Week 2023

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Providenciales, Turks and Caicos Islands May 12, 2023 – Mosquito Awareness Week is fast approaching, and its an important initiative which was established with the approval of CARICOM in 2014 to raise awareness about the link between mosquitoes and the diseases they transmit and to strengthen initiatives aimed at eliminating mosquito breeding sites. Caribbean Mosquito Awareness Week will be observed this year from May 8th – 14th, 2023 under the theme “Small bite, big threat” and slogan “Beat the buzz: Prevent, Protect, Control”.

The Aedes aegypti mosquito, which is present in the Turks and Caicos Islands, can spread diseases such as Dengue, Chikungunya and Zika.

During the Month of May, the Environmental Health Department will be discussing ways to control vector populations and prevent the spread of diseases. This can include using insect repellent, eliminating breeding grounds, and properly disposing of waste.

Vector Control Awareness Month in the TCI is an extension of Mosquito Awareness Week, recognizing the threat posed by mosquitoes and is a reminder that we all have a role to play in preventing the spread of vector-borne diseases. Let’s work together to keep our communities healthy and safe.

For additional information, please contact the Environmental Health Department on 1649-338-2143/44.

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Social Services hosts Special Event for TCI Younger Ladies

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By Dana Malcolm

Staff writer

 

 

#TurksandCaicos, May 2, 2023 – Another edition of the government’s mentorship program “The Lady in Me” was held this week. This time young ladies in Providenciales were the ones being treated. The program targets at-risk adolescents between the ages of 12 and 17 years old.

Photos of the beautiful setup shared with our news team show branded gifts waiting for the girls as they spent the two-day event sponsored by UNICEF focusing on how to cultivate healthy physical, mental, emotional, and behavioral well-being.

Students from various schools arrived in uniforms immaculately pressed for the event put on by the Department of Social Services.

Acting Governor Anya Williams was in attendance and expressed faith that the initiative would cause true change.

“It was a pleasure to share with them my insight into the importance of making the right decisions in their youth, which will help to shape their futures and why they should see and value themselves as their greatest asset and to hear from them their goals, aspirations and the challenges that are currently being experienced by our younger generations,” she said.

In introducing the program the Government had said it was aiming to help participants: “examine the adolescence values, competencies, belief systems, inner feelings, motivations, critical thinking, and communication skills,” in order to “build their self-awareness and interpersonal relationships to strengthen their self-esteem— to create a sense of pride and enhance self-respect, self-worth, and self-esteem as they mature and improve personally and professionally.”

The Department said the event was expected to impact 100 girls.

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What’s at LJMMA? President explains snazzy equipment 

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Dana Malcolm 

Staff Writer 

 

 

#TheBahamas, March 27, 2023 – Situated on a Cay of its own, the LJM Maritime Academy (LJMMA) is the Bahamas’ only school of its kind and with sponsorships from Campbell Shipping, Royal Caribbean Cruise Line, Carnival Cruises, Disney Cruises, and more it boasts an extremely well-equipped campus. The Turks and Caicos Community College (TCICC) is now partnering with the LJMMA to bring those amenities to TCI students through TCICC.

Brendamae Cleare, President of the institution, joined in on a maritime stakeholder meeting introducing the partnership to the Turks and Caicos’ residents on Tuesday, March 21, detailing everything that the LJMMA had to offer.

“We have– classrooms, workshops, a bridge simulator room, a crane simulator, an engine simulator and we also have a GMDSS simulator and radar simulator as well,” she explained.

The simulator building was commissioned to the tune of $30 million and is only in phase one. Also included alongside the fancy simulators, which give students hands-on experience with the boat engines and cranes that they will work with in the future, there are temporary administrative offices, libraries, nurse’s stations and more.

Other buildings on the Cay include, a firefighting simulator and the school even has lifeboat simulators, which mimic what it would be like pushing the lifeboat off the side of a huge vessel and maneuvering it in the ocean.

The Maritime Academy was birthed in 2011 when executives at Campbell Shipping including Lowell J. Mortimer (which is the only Bahamian-owned shipping company Cleare says), realized that there were no Bahamians working on their ships and were determined to change that.

“We had the college of the Bahamas, which is now the University of the Bahamas. We had a technical and vocational institution. We had banking and tourism colleges, but nothing like maritime but [we said] why not maritime?”

And the LJMMA so was born, named after its founder Mortimer. In its first year, it fielded over 180 applications and accepted just over 40 students. It is semi-regimented, which means strict rules for students, just as they would have to abide by on vessels.

The institution is accredited by the National Accreditation and Equivalency Council of the Bahamas, the Bahamas Maritime Authority, the Institute of Materials, Minerals, Mining and others.

Cleare said the vision of the school was to become a globally recognized institution of excellence, in maritime education and training.

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