First of Two VAT Rate Days Causes Buzz in SKN

Basseterre, St. Kitts, December 14, 2019 (ZIZ News): Basseterre was buzzing with activity on Friday as holiday shoppers took advantage of the first of two reduced vat rate days for December.

Some businesses opened as early as midnight to allow for persons to get their goods in a timely manner. Videos circulating on social media showed persons lining up in anticipation of the openings and storming the stores once the doors opened.

Discounted VAT rate days allows all VAT registered businesses to charge VAT at the rate of 5 percent on the sale of goods only instead of the usual 17 percent.

For vehicle purchases, vat is exempt on the first EC$50,000, with VAT at the standard 17 percent charged thereafter.

According to a list disseminated by the Inland Revenue Department, over 80 businesses were approved for the 2019 discount VAT rate days.