OFFICIALS MONITORING PRICES AHEAD OF DISCOUNTED VAT RATE DAYS

Basseterre, St. Kitts, December 08, 2023 (SKNIS): Officials from the St. Kitts and Nevis Inland Revenue Department (SKNIRD) are monitoring prices to ensure that the cost of goods is not artificially inflated, diminishing the savings that will come as a result of the December 15 and 16 Discounted VAT Rate Days.

A team from SKNIRD, headed by Assistant Comptroller for Public Relations, Eliza Mills, appeared on the season finale of InFocus on Wednesday, December 06, 2023, to share information about the upcoming economic stimulus that will see the Value Added Tax reduce from 17 percent to 5 percent.

The issue of “price bumping” was discussed by Renicia Francis, a member of the public relations team.

“We have officers that go out and monitor the whole process. We have officers who will monitor the receipts, the original price will have to be there. Everything will have to be displayed clearly,” Ms. Francis stated, adding that the discounted VAT price must also be reflected.

Photo: (L-R) Renicia Francis, Eliza Mills, and Patrice Wilson, Senior Tax Inspector II on InFocus

However, if consumers feel uneasy about a transaction, they can raise a red flag.

“We advise the public to come forward and let us know this person was selling [a product] for $10 and then they came back and sold it for $20 but then they took off the VAT so it really was only $5 off,” Ms. Fancis added.

Assistant Comptroller Mills indicated that the Department of Consumer Affairs also plays a vital role in ensuring that there is no price gouging or other unscrupulous activities during Discounted VAT Rate Days and on a regular basis.

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