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 improve the current VAT reporting. Your summary should specifically address the specific areas noted below and be prepared in report form to the VAT Authority. A. Accounting background why the accounting treatment & reporting is important. B. Current guidance that would be applicable local for the jurisdiction or international, C. Resource, technical and system considerations. D. Challenges experienced by similar jurisdictions and how they can be overcome or lessons to be learnt. E. Recommendations on how the Government of the Bahamas should improve the current VAT accounting & reporting process. 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 improve the current VAT reporting. Your summary should specifically address the specific areas noted below and be prepared in report form to the VAT Authority. A. Accounting background why the accounting treatment & reporting is important. B. Current guidance that would be applicable local for the jurisdiction or international, C. Resource, technical and system considerations. D. Challenges experienced by similar jurisdictions and how they can be overcome or lessons to be learnt. E. Recommendations on how the Government of the Bahamas should improve the current VAT accounting & reporting process