The Value Added Tax Act, 2014 came into force in the Commonwealth of The Bahamas on January 1, 2015. Under that statute, insurance services (except those exempted) provided on or after July 1, 2015 will be taxable at a standard rate of seven and one half per cent (7.5%).

Accordingly, from July 1, 2015 VAT will be added to our invoices for insurance services incurred on or after that date at the applicable rate unless the services are exempt.