By Devonne Cornelius
St. Kitts and Nevis (WINN) — St. Kitts and Nevis will have a Discounted Value Added Tax (VAT) Rate Day this year, Prime Minister Dr. Timothy Harris announced Tuesday (October 20) at his weekly Leadership Matters program.
“Yesterday [October 19], we determined that for 2020, the Government of St. Kitts and Nevis will accord one day designated as Vat Day, and that day, as is the norm, the VAT payable on goods will be at 5%.”
The Discounted Vat Rate Day will allow all VAT registered businesses to charge VAT at the rate of 5% on the sale of goods only. All tangible items that are presently subject to 17% VAT will qualify for the discounted VAT Rate.
Dr. Harris who also has responsibility for Finance said ” with respect to vehicles, the first $50,000.00 on the cost of a vehicle, will be absolutely VAT free.”
In addition to the Discounted Vat Rate Day, the usual concessions will be granted during the month of December.
Prime Minister Harris did not disclose a date.