BASSETERRE, ST. Kitts – WITHIN a week of the passage of legislation of a Value Added Tax (VAT) for the Federation, the St. Kitts-Nevis Chamber of Industry and Commerce has announced a three-day exercise in preparation for the new tax.
The private sector preparation sessions are designed to educate upper and middle management as well as staff on matters of VAT, aiming for a seamless transition into the new tax system. Guidance will be provided to private sector employees who are engaged in accounting, tax preparation, sales and import/export activities.
According to a press statement issued by the Chamber, the seminar, which runs from today (Aug. 16) until Wednesday (Aug. 18), would outline the actions and modifications that businesses would need to effect in order to introduce and operate the VAT efficiently. This will come in the form of a Business Check List.
“Some of these actions and modifications include registration for VAT, accounting matters, books and records, tax invoices and sales receipts, stock on hand, contracts, pricing of goods and services, and familiarisation with a VAT return and the keeping of a VAT Account,” the CIC communiqué reads.
The workshops run from 9:00 a.m. to 4:00 p.m. daily and will be held in Nevis today at the Red Cross Building at Chapel Street. The series continues at the Ocean Terrace Inn for the CIC Kittitian members from tomorrow (Aug. 17).
The three-day workshops are facilitated by Trinidadian Accounting Executive Michal Andrews, former partner in the international accounting firm, Ernst & Young. With over 33 years of experience, Andrews has assisted in the implementation of VAT in countries including Barbados, Belize, Dominica, Grenada, Guyana, Zimbabwe and Puerto Rico.
It is hoped, according to the private sector grouping, that in-depth consultations would result in finalising a comprehensive position paper on the introduction of VAT in the country.
