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The Government of the Bahamas introduced a new VAT which took effect from January 1, 2015. Since this time the VAT rates have increased to provide additional revenue to the government to cover expenditures. Due to hurricane Dorian and the impact of the COVID19 pandemic, the Bahamian government is considering whether to increase VAT further or utilize another form of taxation to generate revenues like (i)increasing governments fees on services or (ii) increasing real property taxes or (iii)increasing gaming taxes. To ensure the appropriate accounting treatment has been applied in terms of accounting and financial reporting you have been asked as an external consultant to provide a summary of key accounting considerations and recommendations on how the Bahamas government should proceed in making this decision. Your summary should specifically address the specific areas noted below and be prepared in report form to the VAT Authority.
A. Accounting background why the accounting treatment & reporting is important.
B. Current guidance that would be applicable local for the jurisdiction or international.
C. Resource, technical and system considerations.
D. Challenges experienced by similar jurisdictions and how they can be overcome or lessons to be learnt.
E. Final Recommendations on how the Government of the Bahamas should proceed.
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