Financial Secretary John Rolle explains VAT implementation in the auditorium of the Harry C. Moore Library. (BIS Photo/Gena Gibbs)

The Ministry of Financial Services hosted a presentation about upcoming changes to the current tax regime this week, with Financial Secretary John Rolle telling attendees that legislation to implement value added tax (VAT) will be introduced later this year.

Rolle spoke at a seminar held in the College of the Bahamas’ Harry C Moore Library Auditorium on Tuesday and outlined the government’s plans in regards to significant tax reform.

He said the role of government was to oversee the business community as it collects taxes from consumers and pays those collections back to the government in the form of credit installments.

In addition, he said that the Utilities Regulation and Competition Authority (URCA) would be responsible for VAT as well as competition and anti-trust legislation.

Reform of the tax system is part of an ongoing effort by the Bahamas to become a fully accredited member of the World Trade Organisation (WTO) by the end of 2014. To meet WTO requirements the country must improve its trade links, adjust its legal framework and improve market access.