More businesses register to participate in 7% VAT Day

BASSETERRE, ST. KITTS, DECEMBER 20TH 2011 (CUOPM) – Several more businesses on Nevis and St. Kitts have registered to participate in the 7% VAT Day on Thursday 22nd December.

VAT officials said Wednesday 79 businesses on St. Kitts and 26 on Nevis have been issued with approval letters for participation.

The VAT offices in Charlestown and Basseterre were Wednesday still accepting and processing requests.

The Inland Revenue Department advises that on their receipts most consumers should see (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% will be 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. Attached is an updated list of businesses.

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