Published 20 March 2024
Basseterre,
Buckie Got It Media Source
Cabinet Approves ‘Easter’ Discounted VAT Rate Day to Boost Consumer Spending and Economic Growth
BASSETERRE, Saint Kitts and Nevis, March 20, 2024 (Press Secretary, PMO) – The Cabinet of Saint Kitts and Nevis, under the leadership of Prime Minister, the Honourable Dr. Terrance Drew, has announced the approval of a continued initiative aimed at providing financial relief to citizens and stimulating economic activity amidst the Easter season.
On April 12th, 2024, Saint Kitts and Nevis will observe an ‘Easter’ Discounted Value Added Tax (VAT) Rate Day, wherein all VAT-registered businesses will charge VAT at the reduced rate of five percent (5%) on the sale of goods.
This decision marks a significant step in the government’s continued support of both consumers and businesses during a time traditionally associated with increased spending. By slashing the VAT rate from the standard 17% to 5%, the government aims to alleviate financial burdens on citizens and ultimately bolster economic growth and stability.
To ensure the effectiveness and fairness of this initiative, certain guidelines have been established:
- All tangible items currently subject to 17% VAT will qualify for the discounted rate of 5% on Discounted VAT Rate Day.
- Eligible items must be readily available for sale and immediate issuance or delivery to customers on Discounted VAT Rate Day. Orders for items not in stock will not qualify.
- Vehicles, guns, ammunition, cigarettes, and alcoholic beverages are excluded from the discount.
This initiative underscores the government’s commitment to fostering a conducive economic environment and enhancing the welfare of its citizens.
Businesses are encouraged to actively participate in Discounted VAT Rate Day, seizing the opportunity to attract customers and contribute to the nation’s economic revitalization efforts.
The Cabinet extends its gratitude to all stakeholders for their support and cooperation in implementing this initiative.
