Accounting in The Bahamas: standards, taxes and GoSoft
Accounting guide for The Bahamas: Department of Inland Revenue (DIR), VAT 10 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Department of Inland Revenue (DIR) |
| Currency | BSD · Bahamian dollar |
| Tax ID | TIN |
| Consumption tax | VAT · 10 % |
| Fiscal year | Usually the calendar year; a company may use another year-end if the authority accepts it. |
| E-invoicing | There is no mandatory national e-invoicing system: invoices must meet the consumption-tax requirements. |
Accounting framework
Full IFRS or IFRS for SMEs, depending on size and whether the entity is of public interest.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In The Bahamas the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Journal, General Ledger and Inventory and Balance book (or their electronic equivalents), with the supporting documents for every entry.
Periodic tax returns
Periodic VAT return (usually monthly) and annual income tax return.
What you need to know
- There is no corporate income tax; revenue comes from VAT and business licences.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for The Bahamas. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
VAT10 | VAT 10% | VAT | sales and purchases | 10 % |
How to set up GoSoft for The Bahamas
In My company, choose the country The Bahamas and the currency BSD.
When you log in again, GoSoft shows Updating the accounting setup for The Bahamas: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Department of Inland Revenue (DIR) and with your accountant.