BASSETERRE, St. Kitts – PRIME MINISTER and Minister of Finance, Dr. Timothy Harris has informed that this year’s Discounted VAT Rate Day would be on Friday, December 15.
The Prime Minister made that announcement yesterday (Oct. 25th) at his monthly press conference, following an earlier confirmation that there would only be one day this year.
According to Dr. Harris, notwithstanding the fallout from two Category 5 hurricanes, his government remains committed to balancing not only the books but also the lives of citizens and residents of the Federation.
He noted that after consultations with the St. Kitts and Nevis Chamber of Industry and Commerce, he came to the position that the Discounted VAT Rate Day for 2017 is slated for Friday, December 15.
To this end, the government will be facilitating people with the usual concessions given out during the Christmas period, including the VAT Rate Day.
“In keeping with our tradition of goodwill and glad tidings, I can report that effective December 01-31, 2017, the allowance to non-commercial importers and travellers will be as follows: 1. Gift packages of foodstuff are allowed for the first 400 pounds (about four barrels) free of duties and taxes; 2. Non-commercial travellers and importers will receive a duty free allowance of EC$540 (US$200) off the CIF value,” explained Dr. Harris.
With regards to motor vehicles, the Prime Minister declared that only those up to the value of EC$50,000 would be exempted from VAT.
Anything above that price would incur the full 17 percent.
The Ministry of Finance has reported that the sale of vehicles topped $40.73M last year - the largest on record for any Discounted VAT Rate Day.
“We hope that the early announcement of these concessions will help our businesses and consumers manage their affairs better,” the Prime Minister said.
