(Trinidad Guardian) Scores of food items will from today no longer attract the 12.5 per cent Value Added Tax (VAT) as the Budget measure to give effect to this kicks in.
The removal comes at a time when customers are already faced with rising food prices as a result of the global supply chain blockages.
Head of the Shipping Association Hayden Alleyne has noted continuing overseas shipping issues causing delays and inevitably hiking costs.
Alleyne said while the removal of VAT on some items will give people a little more disposable income as they may be paying less on some essentials, the other side of the equation is people’s ability to buy and the rising cost of commodities.
“So VAT removal will give some ease but not to the extent that it will eradicate all problems. The issues we’re facing with the overseas matters of getting goods to T&T are causing rising costs. And this conversation affecting shipping will go on for some time.’’
“The cost of getting things to you from outside is going up,” he noted.