Residents of St. Kitts and Nevis have been reminded to brace themselves for unprecedented discounts as the much-anticipated Discounted Value Added Tax (VAT) Rate Days, which will take place on August 25 and 26, approach.
According to a release, this limited-time event would allow all qualified VAT-registered firms to offer their consumers a 5% VAT reduction on the sale of items.
Vehicles will be specially discounted, providing a great opportunity to save money on a variety of physical products.
Customers can take advantage of a 5% VAT reduction on eligible goods that normally fall under the 17% VAT category during these two days. This special offer is only valid for tangible things that are ready for immediate issuance or delivery on the Discounted VAT Rate Day. VAT will also be waived on the first $50,000 of a vehicle’s purchase, unless a duty-free concession is used. Any car costing more than $50,000 will be subject to the usual VAT rate of 17%.
It should be noted that only items in stock are eligible for the Discounted VAT Rate. Unfortunately, orders for non-stock items will not be eligible for this special rate. Furthermore, certain items are prohibited from this campaign to safeguard consumer safety and well-being. The Discounted VAT Rate Days do not apply to firearms, ammunition, cigarettes, or alcoholic beverages.
In the case of alcoholic beverages, a number of products will be ineligible for the lower VAT rate. Wine, Brandy, Vodka, Whiskey, Gin, Rum, Liqueurs, Beer, Guinness, Royal Stout, Carib, and Smirnoff Ice are examples.
However, a large range of other great products will continue to be accessible at the unique 5% VAT rate, allowing customers to enjoy in subpar experiences.
