(ZIZ News) – Friday was Reduced VAT Day and thousands of shoppers hit the streets to take advantage of the temporary five percent Value Added Tax on most products.
The streets of Basseterre were filled with eager shoppers, all looking for the nation-wide discount that comes once a year.
Various businesses had been advertising additional deals for their customers, all in an effort to capitalise on the expected increase in spending.
According to information from the Inland Revenue Department, about 60 businesses in St. Kitts and just over 20 businesses in Nevis registered to participate in the reduced VAT Day.
Car retailers took particular advantage of the day to publicize special rates for their vehicles, while clothing, hardware and department stores saw a marked increase in foot traffic.
Earlier this year, the government removed VAT from food, medical supplies, educational supplies and funeral expenses, but that didn’t stop people from coming out on Reduced VAT Day to take advantage of the 5% VAT on practically everything else.
The Prime Minister has indicated that this new structure for VAT is a cornerstone of their economic plan in his government’s mandate to move the country forward.