CIC to Discuss Impact of VAT Implementation at End of Month

Chairman of the CIC’s VAT Response Project, Scott Caines, recently spoke exclusively with MiyVue and indicated that his committee has not met since VAT was implemented; therefore the concerns of the individual members of the organisation have not yet been collectively discussed.

“We need to meet to review all of these things together as a group. We (the VAT Response Committee) have not met since VAT has been introduced; I think we will do that sometime later towards the end of this month.” 

Scott_CainesPrior to VAT’s 1st November, 2010 implementation, the CIC explained that it has serious concerns about the seemingly hurried institution of the new tax regime and called for the government to delay implementation until certain kinks had been ironed out.

The Chamber, MiyVue understands, met with Prime Minister and Minister of Finance, Dr. Denzil Douglas, two days before VAT was to have been implemented and agreed that neither wanted the inception of VAT to present any undue financial burden on consumers.

Caines, proprietor of Frank B. Armstrong Ltd and C&C Superfoods, told this media house that as far as he is aware, all members of the Chamber are in compliance with the law as it relates to the VAT legislation.

“Regarding my business as a whole, I would say that we are complying with the law as we know it now. We have had several meetings with the VAT committee and so we are doing our best to comply with the law…As far as I am aware, all members of the Chamber are in compliance of the law.”

He explained that as it relates to his business, some price increased have taken place, of which customers have taken note. He advised however, that the true impact of VAT on his company cannot be properly calculated until nearing the end of this month.

“Customers realise that some of the prices have changed. We are now in the process of getting all the prices back on the shelves but customers have realised the there has been a change in the princes and no one likes to know that the cost of living is going up. So we have had some complaints about that…It is too soon to see what the impact of VAT has been but by the end of the month we would have an idea.”

Leave a Reply

error: Content is protected !!