According to the Finance Minister and Prime Minister of St. Kitts and Nevis, the VAT rebate that lasted for a 24 hour period, also saved consumers over a million dollars.
Finance Minister Douglas said in his press conference this week Wednesday, 113 businesses (87 in St. Kitts and 26 in Nevis) registered to participate in the reduced VAT Day.
VAT filings have been quite strong with a rate of 95 percent in November 2011 compared to 99 percent in November 2010, explained Dr. Douglas.
He said, “The Government returned to consumers, through this reduced VAT, some $1,004,151.00.”
He continued, “In Nevis, for example, we had projected some EC$24 million in VAT revenues for 2011. The amount actually collected, however, was EC$29 million. EC$5 million more than projected. Similarly, in St. Kitts, we had projected EC$79 million in VAT revenues for 2011. The amount actually collected, however, was EC$104 million. EC$25 million more than projected,” said Prime Minister Douglas.
Prime Minister Douglas said to the reporters and the nation that actual VAT revenues since the fiscal measure was introduced in November 2011 have also exceeded projected VAT revenues, but he stopped short of sharing the figure.