A: Currently there is no income tax in the Bahamas. There are , however, other forms of taxation including business license tax andproperty taxes.
Q: How would I know if I need an audit, review or compilation?
A: Often times such a request is imposed externally, by financial institutions for example. If the need for professional services are internally driven then you can talk to us to decipher which engagement will be suited to your objectives.
Q: Who can issue reports that provide assurance to third parties?
A: Only a chartered accounting in good standing with the local institute can provide such a service.
Q: What are the benefits of independently verified financial statements?
A:- You are able to gain a fresh perspective on the results of your operations.
- You have a professional who will guide you in a sufficient disclosures to be in conformity with international standards.
- Our independence provides an objective perspective on your financial performance.
- Third party users of your financial statements are provided more assurance with an independent professional rather than solely relying on your representations.
- At the end of an engagement you can receive critical advice to improve your business processes.
Q: I have a small business with a bookkeeper who is not a qualified
accountant. What services can you offer?
A: We can offer variety of services to suit your needs. Some people simply want their year-end inventory independently observed by professionals, some want their bank reconciliations performed or checked by independent professionals, some people want professionals to come in on a monthly basis to review receipts and expenditures-to have a presence, some want full scope engagements such as an audit. Your decision would be based on your resources and your objectives.
Q: Should I spend the extra money to involve a qualified accountant as part of operating my business?
A: You can’t afford not to. A qualified professional is essential to the success of your enterprise. Whether you choose to hire a professional full time or engage a firm is up to you but not something that should be taken lightly. The ideal scenario is to have an qualified accountant, or someone eligible for qualification, full time in addition to engaging a firm for professional services. It is not sufficient to just bring in a firm at the end of your fiscal year as preparation of reliable financial statements begins from the first day of your fiscal year.
Q: What if I have a highly specialised business segment that is not indicative of the knowledge base in the Bahamas.
A: When you engage PKF Bahamas you have at your disposal industry specific expertise in over 400 offices and in 120 countries. We have you covered.