BASSETERRE, ST. KITTS (CUOPM) – The number of registrants under the Value Added Tax (VAT) Programme is just over 700 with 525 in St. Kitts and 182 in Nevis.
Speaking at his monthly press conference on Wednesday, St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas disclosed that in December when the Government declared a special VAT Day in order to reduce the cost of pre-Christmas spending for consumers, VAT, which was reduced from 17% to 7%, amounted to EC$12.8 million in sales.
“The Government returned to consumers, through this reduced VAT, some $1,004,151.00,” said Prime Minister Douglas, who is also Minister of Finance.
113 businesses – 87 in St. Kitts and 26 in Nevis registered to participate in the reduced VAT Day.
VAT filings have been quite strong with a rate of 95 percent in November 2011 compared to 99 percent in November 2010.
Prime Minister Douglas told reporters and the Nation that actual VAT revenues since the fiscal measure was introduced in November 2011 have also exceeded projected VAT revenues.
“In Nevis, for example, we had projected some EC$24 million in VAT revenues for 2011. The amount actually collected, however, was EC$29 million. EC$5 million more than projected. Similarly, in St. Kitts, we had projected EC$79 million in VAT revenues for 2011. The amount actually collected, however, was EC$104 million. EC$25 million more than projected,” said Prime Minister Douglas, who is also the Minister of Finance.