This is according to Economist Gary Thomas, who was released to the Unit from the Ministry of Finance.
Commenting on the November 1st implementation of the VAT, Thomas said, despite thorough preparation, it is expected that there would be issues that will have to be worked out in the process of implementation, and some kinks that will need to be ironed out as part of the natural development of the new procedure.
Thomas, who was at the time speaking with the St. Kitts and Nevis Information Service, SKNIS said the Tax Reform Unit which is located on Cayon Street in the newly constructed Daniel Building and it has an open door policy, in relation to providing instructions and information to the General Public.
He added that he expected a significant number of businesses on the targeted list of registrants to be ready to go today.
The Economist said citizens should not lose sight of the fact that the implementation is the start of a new phase of Tax policy in the Federation.
He emphasized the fact that accountability is key in the global economic arena.
Referring to international and external pressures, he said “We cannot maintain this standard of living without a VAT or Income Tax”.
Thomas said The VAT is feasible and a more practical form of taxation in general, which if properly implemented, can ultimately lead to a reduction on overall rate of taxes.