Prime Minister Dr. Ralph Gonsalves says the Government will be reducing the Value Added Tax (VAT) exemption list and the zero-rated listing of items, effective May 1st, this year.
Delivering his Budget Address in Parliament yesterday, Dr. Gonsalves outlined the items that will be made subject to the standard rate of VAT of 15%.
He noted that the list of VAT exemptions in this country is much wider than in other developing Small Island States.
According to Prime Minister Gonsalves this revenue measure is expected to yield eight million dollars per annum.
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