DISCOUNTED VAT RATE DAYS: UNMISSABLE SAVINGS ON 25TH and 26TH AUGUST 2023

FOR IMMEDIATE RELEASE

St. Kitts and Nevis Inland Revenue Department, Basseterre, St. Kitts, August 11, 2023 – Get ready for unparalleled savings as the highly anticipated Discounted Value Added Tax (VAT) Rate Days approach on the 25th and 26th of August 2023. This limited-time event will empower all approved VAT-registered businesses to offer their customers a reduced VAT rate of 5% on the sale of goods. Vehicles will be specially discounted thus providing an exceptional opportunity to enjoy significant discounts on various tangible items.

During these two remarkable days, customers can take advantage of a reduced VAT rate of 5% on eligible goods, which typically fall under the 17% VAT bracket. This exceptional offer applies exclusively to tangible items that are available for immediate issuance or delivery on the Discounted VAT Rate Day. VAT will also be exempt on the first $50,000 of the cost of vehicles except in cases where duty-free concession is applied. Any vehicle cost more than $50,000 will attract the standard rate of 17% VAT. It is the perfect time to make those long-awaited purchases, as numerous items that were previously subject to a higher VAT rate will now be offered at a reduced cost.

It is important to note that only items in stock qualify for the Discounted VAT Rate. Unfortunately, orders for items that are not readily available will not be eligible for this special pricing. Additionally, certain items are excluded from this promotion to ensure the safety and well-being of our customers. Guns, ammunition, cigarettes, and alcoholic beverages fall outside the scope of the Discounted VAT Rate Days.

In the case of alcoholic beverages, a variety of products will not be eligible for the reduced VAT rate. This includes but is not limited to Wine, Brandy, Vodka, Whiskey, Gin, Rum, Liqueurs, Beer, Guinness, Royal Stout, Carib, and Smirnoff Ice. However, a wide array of other exciting products will still be available at the exclusive 5% VAT rate, allowing customers to indulge in substantial savings.

Don’t miss out on this extraordinary opportunity to save a lot on your favorite items. Participate on the 25th and 26th of August 2023, and take full advantage of the Discounted VAT Rate Days. Experience the joy of acquiring high-quality products at significantly reduced prices.

Businesses wishing to participate may access the application form via the Inland Revenue Department’s website at www.sknird.com or the IRD’s offices in Basseterre and Charlestown. Applicants must return the application form on or before 22nd August,2023 at 4:00 pm. Businesses are encouraged to submit their application via email at inlandrevenue@ird.gov.kn.

For any additional information, Taxpayers are asked to contact the Inland Revenue Department.

The Inland Revenue Department, Building our Nation Through Responsible Tax Administration

St. Kitts and Nevis Inland Revenue Department, Bay Road, Basseterre, St. Kitts

Tel: (869) 465-8485, Exts.: 3402/3410

Email: inlandrevenue@ird.gov.kn

Website: www.sknird.com

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