Basseterre, St. Kitts, October 25, 2017 (SKNIS): The annual tradition of discounted VAT Rate Day in St. Kitts and Nevis is slated for Friday, December 15, 2017. This was announced today, October 25, by Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, who noted that the decision was made after consultations with the Chamber of Industry and Commerce (CIC).
Prime Minister Harris noted that the underlying objective of the Reduced VAT Rate Day is to foster a higher level of consumer spending within the federation.
The minister of finance encouraged persons desirous of purchasing vehicles to take advantage of VAT Rate Day 2017.
“I should note that, as part of concessions given for that day, vehicles purchased up to the value of EC $50,000 will be exempted from the payment of VAT,” said the minister of finance. The 17 percent Value Added Tax (VAT) will remain for purchases above $50,000.
In January of this year, Prime Minister Harris addressed the National Parliament on a number of matters, one of which included the 2016 Discounted VAT Rate Day, and noted that it was “the best ever on record.” In 2016, a whopping 247 vehicles were sold – an amazing 202 vehicles on one [Discounted VAT Rate] day in St. Kitts and 45 vehicles on Nevis.
“Our last Discounted VAT Rate Day yielded sales on that day of just about $41 million, the largest sales recorded in the history of a Discounted VAT Rate Day,” Dr. Harris said, noting that the record-breaking performance speaks to the economic health of the country. “We hope that the early announcement of these concessions will help our businesses and consumers better manage their affairs,” he further added.