BASSETERRE, ST. KITTS, NOVEMBER 22nd 2019 (Inland Revenue Department) – The Inland Revenue Department (IRD) is pleased to announce that the 13th and 21st December, 2019 are the prescribed dates for the Discounted VAT Rate Days.
This will allow all VAT registered businesses to charge VAT at the rate of 5% on the sale of goods only. All tangible items that are currently subject to 17% VAT will qualify for the discount on Discounted VAT Rate Day.
Items eligible must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Days. Orders for items not in stock do not qualify. Guns, ammunition, cigarettes and alcoholic beverages are not eligible. Alcoholic beverages not eligible include but are not limited to Wine, Brandy, Vodka, Whiskey, Gin, Rum, Liqueurs, Beer, Guinness, Royal Stout, Carib, and Smirnoff Ice.
For vehicle purchases, VAT will be exempt on the first $50,000.00 and VAT at the standard 17% will be charged thereafter.
Businesses desirous of registering for Discounted VAT Rate Day must ensure that:
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They have filed all their VAT returns
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Have no outstanding taxes, licenses, penalties and or interest due to the Inland Revenue Department and or the Customs & Excise Department.
Applications forms can be collected from the Inland Revenue Department’s Main Office on the Bay Road, and the Charlestown Office and must be returned on or before December 6th 2019 at 3pm.
NB: All businesses that submit an application form will be notified of their status in writing.