The government of the Bahamas has confirmed that supplies made under contracts entered into prior to 1 January 2015 will be subject to the new value added tax (VAT), which applies from that date. Such contracts do not have to be rewritten to include VAT, but the supplier is still responsible for accounting for and paying VAT. For contracts for taxable supplies entered into on or after 1 January 2015, the contract price will be deemed to be VAT inclusive.