St Kitts and Nevis announces first discounted VAT Day for 2024

St Kitts and Nevis announces first discounted VAT Day for 2024

Cabinet has approved the first Discounted VAT Rate Day for St Kitts and Nevis just in time for the Easter Season. 

On April 12, 2024, Saint Kitts and Nevis will observe an ‘Easter’ Discounted Value Added Tax (VAT) Rate Day. 

On this day, all VAT registered businesses are to charge VAT at the rate of 5 per cent on the sale of goods only. All tangible items that are currently subject to 17 per cent VAT will qualify for the discount on Discounted VAT Rate Day.  

Items eligible must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Day as orders for items not in stock do not qualify.  

Vehicles, guns, ammunition, cigarettes and alcoholic beverages are not eligible.  

It was noted that 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 per cent to 5 per cent, the government said it aims to alleviate financial burdens on citizens and ultimately bolster economic growth and stability.   

Businesses are being encouraged to actively participate in Discounted VAT Rate Day and seize the opportunity to attract customers and contribute to the nation’s economic revitalisation efforts.   

  • PublishedMarch 20, 2024

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