By Devonne Cornelius
St. Kitts and Nevis (WINN) — Some business places in St. Kitts were swarmed with happy shoppers today December 17 for day-one of the Vat Reduced Days for 2020.
WINN took to the streets of Basseterre to witness buyers and sellers meet to take advantage of a reduction in value-added tax.
The Government of St. Kitts and Nevis introduced value-added tax (VAT) rate on November 01, 2010; and reduced VAT days were introduced a year later.
Entities with gross annual taxable income in excess of $150,000 XCD ($55,900USD) are required to register for VAT, which came into force at a rate of 17 percent.
Only those companies that are compliant with their tax affairs and have registered to take part may charge the concessionary rate on December 18 and December 19, 2020.