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BASSETERRE, ST. KITTS, NOVEMBER 2nd 2010 (CUOPM) – The introduction of Value Added Tax (VAT) on Monday November 1st 2010 “was hectic as anticipated and challenging, also anticipated.”
So said St. Kitts and Nevis Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas after a briefing with Head of the TAX Reform Union Mr. Edward Gift and his Deputy Ms. Velda Irish following his return to the Federation from nearby St. Maarten where he was attending the 10th Annual General Meeting of PANCAP.
Speaking to officers of the VAT Office after the briefing, Prime Minister Douglas said he has been informed that the full complement of the Staff has been carrying out an audit of businesses and making sure that business owners are complying in the marco-way that they are expected to be complying.
“That they have their VAT Certificate prominently displayed, making sure that those who are collecting the VAT should be collecting it, making sure that the right amount that should be collected is being collected and that you will carry out the appropriate challenge wherever you notice that there is a discrepancy,” said Dr. Douglas.
He emphasised that the success of the new tax regime is going to depend on compliance which is a two-way street.