Basseterre, St. Kitts, October 31, 2017 (SKNIS): The St. Kitts and Nevis Chamber of Industry and Commerce (CIC) eagerly anticipates the 2017 Discounted VAT Rate Day slated for Friday, December 15 at a rate of five (5) percent.
In an interview with the St. Kitts and Nevis Information Service (SKNIS) on Tuesday, October 31, Jose Rosa, President of CIC, said that his organization is always very happy for Value Added Tax (VAT) Day, as each year it works for all stakeholders involved, especially for the general public.
“I believe that it is an injection to the economy of St. Kitts and Nevis and it has been successful over the last few years. I don’t have a doubt that this year it is also going to be successful,” said Mr. Rosa, adding that the Chamber works closely with the Government to decide on an appropriate day for VAT Day.
This year, Discounted VAT Rate Day will fall on Government’s pay day.
“We believe that this day is going to work very well for all the parties involved and that the Government will be able to say at the end of the year [2017] or at the beginning of the year [2018] what revenues were captured on VAT Day,” he added.
The CIC President said that over the years CIC members (businesses) have been positively impacted as a result of the Discounted VAT Days. He used the sale of cars as a perfect example, noting that car dealerships benefit significantly.
“It positively impacts the Chamber members, especially the retailers, as it is one of the biggest sales days that they have in a year,” he said. “I know that the economy can change and that the Government can do any adjustments to make sure the finances are kept in good shape, but I believe that VAT Day is a positive influence in the economy of St. Kitts and Nevis,” he further stated.
The 2016 Discounted VAT Rate Day was the best ever, as it yielded sales of just about EC$41 million, the largest sales recorded in history since the initiative was introduced. In the same year, 247 vehicles were sold, 202 in St. Kitts and 45 on Nevis.
