BASSETERRE, St. Kitts (SKNIS) – Citizens and residents across St. Kitts and Nevis visited their favourite retailers today, Friday, April 12, 2024, to seize the huge saving opportunities offered during the first reduced VAT Rate Day for 2024. Shoppers took advantage of the special 5 per cent VAT rate on a wide range of eligible goods, discounted from the standard 17 per cent VAT rate.
This important initiative dubbed the ‘Easter’ Discounted Value Added Tax (VAT) Rate Day, underscored the government’s commitment to fostering a conducive economic environment, while also bringing significant relief to the people of St. Kitts and Nevis.
On Reduced VAT Rate Day, all VAT-registered businesses charge VAT at the rate of 5 per cent on the sale of goods only. All tangible items subjected to 17 per cent VAT qualified for the discount on “VAT Day.” Orders for items not in stock do not qualify. Vehicles, guns, ammunition, cigarettes, and alcoholic beverages were not eligible for the discount.
Hundreds of patrons were seen throughout the day, particularly in Basseterre and Charlestown taking advantage of the reduced prices, ensuring that the government’s objective of alleviating financial burdens on citizens and boosting economic activity was met.