The Government of the Bahamas introduced a new VAT which took effect from January 1, 2015. To ensure the appropriate accounting treatment has been applied in terms of accounting and financial reporting you have been asked as an external consultant to provide a summary of key accounting considerations and recommendations on how the Bahamas government should adjust the current VAT reporting and financial budgets in response to the impact of COVID-19 pandemic.

1. why the accounting treatment and reporting is important
2. What are some resource , technical and system considerations
3. What are some challenges experienced by other jurisdictions and how they can be overcome or lessons to be learnt
4. What are some Recommendations on how the government of The Bahamas should respond based on impact of COVID-19
5. What Current guidance that would be applicable local for the jurisdiction or international.