Data Torque launches RMS to manage The Bahamas new VAT
Wellington based software company, DataTorque, have successfully installed their Revenue Management System (RMS) in The Bahamas. The Bahamas Ministry of Finance selected the New Zealand software company to implement an integrated tax administration system when they introduced a new Value Added Tax (VAT) in the country.
Since January 1st 2015, Bahamian businesses have been required to add 7.5% VAT on all goods and services. The implementation of RMS allows taxpayers to self-manage their affairs 100% electronically online without paper.
“It’s great to see the implementation of VAT in The Bahamas exceed expectations in terms of registered taxpayers and revenue collections. This positions the country for growth”, says DataTorque Director, Lincoln Falconer.
RMS’s user-friendly web portal allows taxpayers to register, file and pay their taxes online. The software has also been used to effectively establish VAT in emerging nations across the Pacific and in Africa.
“We are proud to launch RMS in The Bahamas, and look forward to seeing the benefits it will have for the country”, says Mr Falconer.
DataTorque has also been contracted by the Government of The Bahamas to introduce a new Business Licencing System and a Transport Management System. These are being implemented in stages over the next two years.