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VAT reform plans in Unity’s tax strategy

Harris told MiyVue.com that to stimulate greater investment through the business sector and give residents the incentives to do more, Team Unity has planned ways for St. Kitts and Nevis to become a “low tax jurisdiction” in the Caribbean.

Under the plan, the VAT strategy would play a role in poverty reduction.

“Our program for VAT reform speaks to a complete removal of VAT, not from some, but from all food items, all items of medicine, all items related to funeral expenses… So we are much more comprehensive plan that will bring benefits to all,” Dr. Harris noted.

The political leader further explained that before the Denzil Douglas led administration “stole” several of “their ideas”, as it relates to VAT reduction, members of the coalition back in 2010 discussed the plan after realizing that the economy was “failing”.

He believes that the planed reduction in VAT also would encourage foreign investment and tourism.

“We have seen this during the VAT days where the commercial sector report says that some of the best sales are achieved during these days. We then said that this provided the empirical data for a positive VAT reduction plan… which will lead to greater expenditure being incurred,” Harris said.

Harris further stated that the Unity alliance believes that based on the VAT reduction plan, the entire Federation, including low-income families, would benefit significantly.






 

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