From midnight last night VAT was officially reduced from 15% to the new 12.5% as had been promised by the new Allen Chastanet administration.
Two weeks ago the Inland Revenue Department reminded the general public of the recent legislative amendment to the Value Added Tax (VAT) Act as per Statutory Instrument (SI) No.101 of 2016, which reduced the standard VAT rate from 15% to 12.5%, effective February 01, 2017.
As such, all VAT registered businesses were required to make the necessary adjustments to their point of sale systems to reflect this reduction in the VAT Rate.
The Comptroller, Mrs. Sophia Henry encouraged business owners to ensure that this adjustment took effect from midnight January 31, 2017.
Consumers are also asked to remain vigilant and review their VAT invoices and sales receipts when transacting with VAT registered business.