The annual tradition of discounted VAT Rate Day in St. Kitts and Nevis this year is slated for December 15.
Prime Minister Dr. Timothy Harris announced the news yesterday, October 25.
The decision to hold the discount day on that date was made after consultations with the Chamber of Industry and Commerce, the prime minister said.
The purpose of the day is to encourage a higher level of consumer spending within the nation.
“I should note that, as part of concessions given for that day, vehicles purchased up to the value of EC $50,000 will be exempted from the payment of VAT,” Dr. Harris said, who also serves as Minister for Finance.
VAT will remain in place for purchases above $50,000.
“Our last Discounted VAT Rate Day yielded sales on that day of just about $41 million, the largest sales recorded in the history of a Discounted VAT Rate Day,” Dr. Harris said.
“We hope that the early announcement of these concessions will help our businesses and consumers better manage their affairs.”