7% VAT Day in full swing
Over one hundred local businesses on both St. Kitts and Nevis have registered for the 7% VAT Day initiative.
The final list of registered businesses saw 19 registered on Nevis and 84 on St. Kitts.
The Inland Revenue Department advises that receipts should have (a) Businesses with a Point of Sales System – a 7% VAT Rate; (b) Businesses with Cash Registers – Due to programming constraints a discount in excess of 8.547% applied to the price of the good to achieve the 7% VAT Rate.
“Remember when you pick-up an item on the shelf, the price of the good would still contain the old 17%. However, when you are at the cashier, the amount you would be paying should be less than the display price. Customers are also encouraged to collect their receipts when making purchases to ensure that the correct amount is charged,” the Inland Revenue Department said.
It added that officers from Inland Revenue Department are scheduled to visit registered businesses during December 22, 2011 to ensure that approved businesses are applying the 7% Special Rate.
Some of the big name businesses registered for the event are TDC, S.L. Horsford & Company Ltd, LIME, Best Buy Supermarkets, Rams Trading and C&C.