Skip to main content

VAT Returns

CoralLedger Comply simplifies VAT return preparation for Bahamian businesses.

Filing Schedule​

VAT returns in The Bahamas are filed:

  • Monthly - For businesses with annual turnover > $5 million
  • Quarterly - For most registered businesses
Filing Deadline

VAT returns are due within 21 days after the end of the tax period (14 days for large taxpayers with annual turnover ≥ $5M). The deadline varies by period — it is not a fixed calendar date.

Return Components​

Each VAT return includes:

Output VAT (Sales)​

  • Total taxable supplies at 10% (Standard category)
  • Total taxable supplies at 5% (Reduced category)
  • Total zero-rated supplies (Zero-Rated category)
  • VAT collected from customers
Reduced (5%) sub-categories

When you classify a transaction as Reduced (5%) in the Manual VAT Entry dropdown, Comply asks which sub-category applies — Food (licensed food stores only), Hygiene, Medical, or Essential Goods — so the legal-basis citation on the audit trail is precise. All four sub-categories ultimately compute at the 5% rate. See VAT Rates Reference for the canonical category list and the food-store licensing rule.

Input VAT (Purchases)​

  • VAT paid on business purchases
  • Eligible input tax credits
  • Input tax apportionment for businesses with mixed taxable and exempt supplies

Net Position​

  • VAT payable (if output > input)
  • VAT refundable (if input > output)

Return Lifecycle​

Comply tracks every VAT return through a structured eight-state lifecycle. Each transition is recorded in the audit trail with a named event so the regulatory record is reproducible.

StateDisplayed labelDescription
DraftDraftReturn created from the period's transactions; can still be edited
Ready to FileReady to FileAll validations passed and the Section 61 acknowledgement + signatory have been captured. The return is locked from edits
Filing in ProgressFiling in ProgressArtifacts (PDF / XML / Excel / Form 301) are being generated. Brief — usually seconds
Awaiting LodgementAwaiting LodgementArtifacts are ready. You now submit externally to the DIR via OTAS / a DIR office / an authorised agent, then return to Comply to record the lodgement
LodgedLodgedYou have recorded the DIR lodgement using Record DIR Acknowledgement. The RETURN_LODGED_WITH_DIR audit entry has been written. From here, you either retract (Lodged → Awaiting Lodgement, RETURN_LODGEMENT_RETRACTED) or record payment (Lodged → Lodged & Paid, PAYMENT_RECORDED)
Lodged & PaidLodged & PaidFinal state for payable returns once cumulative payments cover the net VAT due. Credit/zero returns reach this state automatically immediately after Lodged
Amendment DraftAmendment DraftA correction to a previously-lodged return is being composed. When lodged, the amendment goes through the same lifecycle and ends at Lodged / Lodged & Paid — there is no separate "Amended" final state
DisputedDisputedA previously-lodged return is under DIR dispute. Used when the DIR challenges the return; tracking-only state
Lodgement, not "filing"

The regulatorily significant transition is lodgement — recorded by you in Comply when you have submitted the return to the DIR. "Filed" is not a state name in Comply; the displayed labels are Awaiting Lodgement, Lodged, and Lodged & Paid. Comply does not currently receive direct confirmation from the DIR.

Every return passes through Lodged first (VR-STATE-001)

Even credit and zero-balance returns transition through Lodged before reaching Lodged & Paid, so the RETURN_LODGED_WITH_DIR audit entry always has a clean lodgement timestamp. Credit/zero returns auto-advance to Lodged & Paid immediately after the audit entry has been written. This is a deliberate regulatory invariant — see Record DIR Acknowledgement for the full state-transition table.

DIR Form Fields (L1-L31)​

Your return includes all standard Bahamas VAT return lines:

  • L1-L5: Sales and output tax
  • L6-L10: Purchases and input tax
  • L11-L15: Import VAT
  • L16-L20: Adjustments and credits
  • L21-L25: Net tax calculations
  • L26-L31: Summary and payment details

CoralLedger Comply Features​

  • One-Click Generation - Generate returns from your imported transactions
  • Calculated Fields - All L1-L31 fields computed from your transaction data
  • Return Preview - Review totals and validation before filing
  • 10-Point Validation - Comprehensive pre-flight checks
  • Export Formats - PDF, XML, Excel, and Form 301 for DIR submission and your own records
  • Amendment Support - Correct lodged returns with change tracking
  • Multi-Format Export - Download a lodged return as PDF, XML, Excel, or Form 301

Return Preview & Validation​

Before submitting, preview your return with:

  • Period summary and totals
  • Output VAT, Input VAT, Net VAT breakdown
  • Transaction count verification
  • 10 validation checks (blocking and warning)

Learn more about Return Preview & Validation.

Filing Modes​

CoralLedger Comply supports two filing modes:

  • Self-Filing — You manage and submit your own VAT returns directly to the DIR. See Self-Filing Mode.
  • Firm-Managed — An accounting firm manages filing on your behalf through the Firm Portal.

Next Steps​