The Bahamas Department of Inland Revenue has published new VAT guides reflecting the increase in the VAT rate from 7.5% to 12.0% and other VAT changes effective 1 July as provided for in the 2018/19 Budget. One of the key guides regarding the increased rate is VAT Guidance on Transitional Arrangements. The guide includes that: For contracts for the provision of goods or services entered into before the transition date (1 July) that have not been performed before that date, the supply is subject to the increased rate, with the supplier responsible for making the adjustment, recovering the increased amount,...