The Bahamas Department of Inland Revenue has announced the introduction of new VAT withholding requirements with effect from 1 August 2022, requiring certain agents to withhold 40% of the VAT due on supplies of certain goods and services. --- What is VAT WITHHOLDING? VAT Withholding is a new Government process to withhold 40% of the VAT due on payments for specific goods and services from vendors. This withholding is not a tax, but a way to boost the collection of a portion of VAT due from suppliers. This process only applies to supplies that attract the standard (10%) VAT rate...