BASSETERRE, St. Kitts, October 21, 2020 (Press Unit in the Office of the Prime Minister) – After much consideration, the St. Kitts and Nevis Cabinet has decided to grant one Discounted VAT (Value Added Tax) Rate Day for 2020 in an attempt to boost consumer spending during the busy Christmas season.
The announcement was made by Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, when he addressed the nation during the Tuesday, October 20 edition of Leadership Matters.
“Yesterday (Monday, October 19) we determined that for [2020] the Government of St. Kitts and Nevis will accord one day designated as VAT Day. On that day, as is the norm, the VAT payable on goods will be at 5 percent, so it is a special day in which the VAT rate is discounted and it covers a range of items,” Prime Minister Harris said.
On the Discounted VAT Rate Day, all tangible items currently subject to 17% VAT qualify for the discount on “VAT Day.” Eligible items must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Day. Orders for items that are not in stock do not qualify. For vehicle purchases, VAT is exempt on the first $50,000.00, with VAT at the standard 17% charged thereafter.
The honourable prime minister said further discussions will be held with the leadership of the St. Kitts and Nevis Chamber of Industry and Commerce to finalize the logistics for this year’s VAT Day, including the definitive day when it will be held.
Moreover, Prime Minister Harris said citizens and residents can expect some of the usual concessions on certain purchases during the Christmas/Carnival season.
Dr. Harris added, “The Cabinet yesterday in fact agreed to assist persons in having a better December than it would have otherwise been, and so the usual concessions on imports into the country are now available for the upcoming December season.”
In recent years, packages of foodstuff were allowed free of duty and taxes for the first 400 pounds. Gift packages and the passenger allowance up to a threshold valued at USD$200 were also allowed free of duty and taxes.
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Disclaimer : This article was posted in its entirety as received by SKN PULSE. This media house does not correct any spelling or grammatical errors within press releases and or commentaries. The views contained within are not necessarily those of SKN PULSE.
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