Vincentians have been debating whether or not an increase in VAT was in the works,with a number of persons speculating it would be announced in the budget of 2016.
However Prime Minister Dr. Ralph Gonsalves has categorically denied claims that he is planning to increase the Value Added Tax (VAT), here in St. Vincent and the Grenadines.
Speaking at a press conference earlier today, Dr. Gonsalves said it is alleged that he plans to increase VAT by 3%, from 15% to 18 %, but he said he never contemplated increasing the VAT.
Value Added Tax (VAT) was implemented in St. Vincent and the Grenadines in 2007.Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the country.