St Kitts And Nevis Plans VAT Regime Review
by Mike Godfrey, Lowtax.net, Washington
12 December, 2014
The Government of Caribbean territory Saint Kitts and Nevis has said it is to review the value-added tax system it introduced three years ago, and has confirmed that it has exempted medicines from VAT and custom duties.
The islands' Premier and Finance Minister, Denzil Douglas, said: "You remember we kept saying to you that after three years, we are going to revisit the VAT situation. We imposed a VAT of 17 percent in order to ensure that we could catch up on where we were as the fiscal deficits had to be removed, we had to get into a surplus situation, we are now in that surplus situation and we are intending to revisit the VAT."
"We have said that we shall do it in two stages, firstly we shall make sure that for Christmas there are two VAT reduction days, on the 12th and on the 19th [of] December, when VAT, which is 17 percent, is now going to be reduced to only 5 percent on those days."
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