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Violations result in nearly $ 1 billion in delinquent taxes – Eye Witness News

Bahamas, Nassau — Yesterday, Internal Revenue Service officials lamented what was called an “unacceptable non-compliance rate” for registered taxpayers over the past few years, resulting in nearly $ 1 billion in arrears.

Shunda Strachan, Deputy Administrator of the Inland Revenue Department, said yesterday that more than 70% of these arrears were due to taxes on commercial real estate and vacant lots owned by non-Bahamas.

Strachan talked about the revenue-enhancing unit that was revived in January.

She goes on to say: “In the last few years, there have been unacceptable percentages of violations. In total, taxpayers have failed to file or pay nearly $ 1 billion. More and more companies are failing to renew their business licenses and VAT refunds. We have identified underreporting companies to avoid paying the required amount. “

“More than 70% of real estate owners have significant delinquency and we are actively trying to recover them.”

Strachan said the government’s implementation of property tax assessments has added more than 10,000 new properties to the property tax register. According to Strachan, more than 51% of New Providence’s commercial real estate saw tax increases of less than 30% or $ 500 this year.

“More than 65% of New Providence’s homes and homes showed no change or decrease in billing. Approximately 30,000 residents saw the zero tax bill,” Strachan said.

Strachan said the Internal Revenue Service is working to strengthen compliance by promoting public awareness and education.

La Paige Gardiner, Head of Taxation for the Revenue Unit, said audits by the unit revealed many errors across the taxpayer’s range.

“Some of these errors include underreporting revenue and non-compliant VAT invoices. Some invoices do not have a TIN number. Taxpayers overcharge VAT. There are also claims that all invoices are summed up and multiplied by the VAT rate, “Gardiner said. She also states that while some non-VAT registrants have been found to claim and collect VAT, some companies that are VAT registrants have not filed their tax returns. I did.

The Internal Revenue Service uses the services of the collection agency for accounts that are consistently delinquent.

https://ewnews.com/unacceptable-non-compliance-drives-tax-arrears-close-to-1b?utm_source=rss&utm_medium=rss&utm_campaign=unacceptable-non-compliance-drives-tax-arrears-close-to-1b Violations result in nearly $ 1 billion in delinquent taxes – Eye Witness News

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