No more VAT for 1,300 businesses
By Richard Lord
January 11, 2016 – guardian.co.tt
While an estimated 1,300 businesses will no longer have to pay Value Added Tax (VAT) from next month, thousands of citizens will have to dig deeper in their pockets to buy several items, such as rice (except parboiled and boiled), flour (except all purpose and wheat), coffee, orange and grapefruit juices, mauby, tea and tomato ketchup.
This, as these items are among those that will no longer be VAT zero-rated when the new 12.5 per cent rate of VAT is effected on February 1.
This is according to Finance Minister Colm Imbert who presented the Finance Bill 2016 for debate in the House of Representatives yesterday. While the measure also seeks to reduce the 15 per cent VAT to 12.5 per cent, Imbert said that would not result in lower gas prices.
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