Inland Revenue Department lists business taking part in Discounted VAT Rate Day
NIA CHARLESTOWN NEVIS (December 15, 2016) — Friday, December 16, 2016, is designated as the 2016 Discounted Value Added Tax (VAT) Rate Day. This allows VAT-registered businesses to charge VAT at the rate of 5 percent on the sale of eligible goods only.
This will not apply to businesses that render services. VAT for services will remain at 17 percent. Therefore, services such as legal fees, restaurant supplies, rent, tickets for lottery or raffles, top-up and phone cards are NOT eligible for the reduced rate.
The department notes that not every business registered for VAT will take part in Discounted VAT Rate Day. The 26 businesses participating in Nevis are:
A-1 Office Technology Ltd., A to Z Auto Colours Plus, Best Buy Grocery, City Drug Store (Nevis) Ltd., Dong Fang Supermarket, The Galleria, Evelyn’s Drugstore, Island Moldings Limited, Island Tyres & Hardware, Lefco Equipment Rental Construction Company Limited, Mohan’s Backhoe & Trucking Service, Office Machines Ltd., Peachicks, Pennyless Auto Parts, Price Busters Ltd., Rams Wholesale (Supermarket), Simon’s Contempo Fashion, S. L. Horsford Nevis Ltd., Sports Centre, S. Hunkins & Sons Ltd., Superfoods, TDC Nevis Ltd., TDC Rentals (Nevis), The New Mini Mall Household and Furniture and Zone 1 Auto.
The 36 businesses participating in St. Kitts are:
Builders Paradise (St. Kitts) Ltd., First Class Jewellery, Comfort Airco, Sensational, Solomon Sahely, Ocean Cold Storage, S. L. Horsford Finance Ltd., S. L. Horsford & Co. Ltd., Best for Less, Forum Deco, David Coury & Co. Ltd., Triumph Beauty Store, Kings Pavilion Limited, Quick Bargain, FLOW, Domus Inc., Eyecare Express, Paleto Distributors Ltd., Rams (Wholesale, Supermarket, Cash and Carry and Duty Free), IC Jewellers and International Concepts, J. M. Plumbing Services Ltd., Island Hopper, Ashbury’s, Gold Standard Clothing, Kings Air Conditioning Service, Courts, Ricardo’s Home Centre and Hardware Ltd., Europa Hardware (St. Kitts & Nevis) Ltd., Josephine Astaphan, Island Auto Supplies, Delisle Walwyn and Company Limited and TDC.
The department also notes that ALL tangible items currently subjected to 17 percent VAT will qualify for the Discounted Vat Rate Day.
With regard to vehicle purchases, VAT will be exempt on the FIRST $50.000.00. Any cost in excess of the $50,000.00 will attract the standard 17 percent VAT.
For further information, please contact the IRD at (869) 469-5856, visit their Facebook page at Inland Revenue Department Nevis or www.sknird.com.