Vincentians have been assured that there will be no increase in the rate of Value Added Tax (VAT) when the Estimates of Revenue and Expenditure for 2016 are presented in parliament tomorrow, January 29th.

Prime Minister Dr. Ralph Gonsalves gave the assurance while speaking on radio on Monday.

He also disclosed that the government will have to formulate “creative” responses to the current economic realities, especially given that this country and others in the region will experience a short fall in funding received under the PetroCaribe initiative, due to the falling oil prices.

Prime Minister Gonsalves noted that while the falling oil prices are good for the local economy, if the price is higher, the proportion of monies that come to the government on the funding aspect of PetroCaribe over the 20 to 25 year period would have been higher.

The 2016 Estimates of Revenue and Expenditure will be laid in the House of Assembly from nine in the morning.

Taiwan National Day Celebration

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