St. Kitts & Nevis recorded significant vehicle sales on the two (2) Discounted VAT Rate Days (DVRD’s), which were held on Friday Dec. 13th and Saturday Dec. 21st 2019.
Prime Minister and Minister of Finance, Dr. the Hon. Timothy Harris, speaking during his monthly press conference last Wednesday, provided these figures in relation to the sale of vehicles on the 2 DVR days.
The Prime Minister noted the companies that benefitted greatly from the sales.
Prime Minister, Dr. the Hon. Timothy Harris.
On the DVRD’s, VAT registered businesses charge VAT at the rate of 5 percent on the sale of goods only.
All tangible items that are presently subject to 17 percent VAT (Value Added Tax) qualified for the discount VAT Rate. For vehicle purchases, VAT was exempted on the first EC$50,000, with VAT at the standard 17 percent charged thereafter.