NIA collected 28.1 million dollars in VAT for period Jan.-Oct. 2019 – VON Radio

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NIA collected 28.1 million dollars in VAT for period Jan.-Oct. 2019

That’s Premier of Nevis and Minister of Finance, the Hon. Mark Brantley.

Mr. Brantley was at the time presenting the 2020 Budget for the island of Nevis (today) Tuesday Nov. 3^rd.

Value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the consumer pays is on the cost of the product.

He further explained that VAT collected at the Customs & Excise Department for the period January to October 2019 increased.

Premier of Nevis and Minister of Finance, the Hon. Mark Brantley.

Tags: Customs & Excise Department, Hon. Mark Brantley, VAT