Today is VAT Day; Over 500 Businesses Registered

The new system which is called Value Added Tax, (VAT), takes effect in the twin-island state for the first time, from Monday, (1st November).

According to a release from the VAT Office over 550 businesses have registered to collect and make payments of the new levy.

As disclosed by the Tax Reform Unit (VAT Office) of the Inland Revenue Department, the number of registered companies increased from 150 from last Thursday, to the new figure over 550.

Among the long list companies registered to date, are Audain & Associates, Bs Enterprises, Best Buy, Brown Sugar, B.E.C. Auto Parts, City Drug Store, Builders Paradise, CONTEC, Daniel Brantley & Associates, Dollar Stretcher, Western Apartments, Lindsay F. Grant, Ralph L. Gumbs Electrical Installations, Js Shop & Save, Kings Pavilion Supermarket, Bryant and Liburd, Kentucky Fried Chicken (KFC), RAMS, S.L. Horsford, TDC,  ZIZ Broadcasting Company, Powells Metal Craft  Limited, Nelson Spring Water, Golden Rock Hotel, Nevis Bakery, Cost U Less and Money World.

According to the Tax Reform Unit, most of these businesses have been issued with Certificates, which must be prominently displayed.

Value Added Tax (VAT) of 17 percent replaces 12 other taxes included the Consumption Tax of 22.5 percent which was reduced to 17 percent since September.

Meanwhile, there are some mixed views by the public on what has been dubbed, VAT Day.

As early as 7:30am, while persons were busy heading out to work and others dropping their kids to school, MiyVue.com, spoke with some individuals.

One female school teacher said she had already prepared herself since the announcement of the VAT implementation, since back in March.  I dont see why so many persons are worried about this; so long ago we were informed and the VAT Office is there for those who want to know more, if they do not understand, I think some persons are just blowing it out of proportion, the teacher stated.

A construction worker on the other hand said he doesnt think he wants to stick around in St. Kitts for long, but if he does he will be doing his shopping overseas.

Prices are already high on the few groceries I buy on weekends, and to add the VAT thing, I believe them prices are going to be higher and I do not support it, he said.

VAT or Value Added Tax is a tax on consumption. It is charged on the value of imports and on the value added (mark-up) on goods and services supplied by one business to another or to the final consumer.

The tax will be levied on imports, transactions between businesses, transactions between businesses and the final consumer and transactions with the Government.

Today is VAT Day; Over 500 Businesses Registered

 

The new system which is called Value Added Tax, (VAT), takes effect in the twin-island state for the first time, from Monday, (1st November).

According to a release from the VAT Office over 550 businesses have registered to collect and make payments of the new levy.

As disclosed by the Tax Reform Unit (VAT Office) of the Inland Revenue Department, the number of registered companies increased from 150 from last Thursday, to the new figure over 550.

Among the long list companies registered to date, are Audain & Associates, B’s Enterprises, Best Buy, Brown Sugar, B.E.C. Auto Parts, City Drug Store, Builders Paradise, CONTEC, Daniel Brantley & Associates, Dollar Stretcher, Western Apartments, Lindsay F. Grant, Ralph L. Gumbs Electrical Installations, J’s Shop & Save, Kings Pavilion Supermarket, Bryant and Liburd, Kentucky Fried Chicken (KFC), RAMS, S.L. Horsford, TDC,  ZIZ Broadcasting Company, Powell’s Metal Craft  Limited, Nelson Spring Water, Golden Rock Hotel, Nevis Bakery, Cost U Less and Money World.

According to the Tax Reform Unit, most of these businesses have been issued with Certificates, which must be prominently displayed.

Value Added Tax (VAT) of 17 percent replaces 12 other taxes included the Consumption Tax of 22.5 percent which was reduced to 17 percent since September.

Meanwhile, there are some mixed views by the public on what has been dubbed, VAT Day.

As early as 7:30am, while persons were busy heading out to work and others dropping their kids to school, MiyVue.com, spoke with some individuals.

One female school teacher said she had already prepared herself since the announcement of the VAT implementation, since back in March.  “I don’t see why so many persons are worried about this; so long ago we were informed and the VAT Office is there for those who want to know more, if they do not understand, I think some persons are just blowing it out of proportion,” the teacher stated.

A construction worker on the other hand said he doesn’t think he wants to stick around in St. Kitts for long, but if he does he will be doing his shopping overseas.

“Prices are already high on the few groceries I buy on weekends, and to add the VAT thing, I believe them prices are going to be higher and I do not support it,” he said.

VAT or Value Added Tax is a tax on consumption. It is charged on the value of imports and on the value added (mark-up) on goods and services supplied by one business to another or to the final consumer.

The tax will be levied on imports, transactions between businesses, transactions between businesses and the final consumer and transactions with the Government.

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