- The Government of St. Kitts and Nevis announced a VAT reduction from 17% to 13% starting January 1, 2025
- This reduction applies for the first six months of 2025 to all goods and services previously taxed at 17%
- The reduction aims to reduce financial burdens and boost economic stability for families and businesses
- Transactions before January 1, 2025, will be charged at the old rate of 17%
- The VAT rate is determined by the earliest of delivery date, invoice issue date, or payment receipt date
- The 10% reduced rate will still apply to commercial rentals, accommodation services, and restaurant supplies
- The government will monitor the market to prevent price gouging and ensure compliance with the Consumer Protection Act
- The public is encouraged to contact the government for any inquiries or clarifications regarding the new VAT rate
Source: sknird.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
