The Inland Revenue Department (IRD) has released the details of the first VAT Zero-Rated/VAT-Free Day to be held under the New Democratic Party administration on Friday.
The IRD said that the tax holiday will apply to most consumer items, with vehicles, firearms, ammunition, tobacco and all services excluded.
The tax agency said the VAT-free day applies to supply made by a VAT registrant, and the purchaser(s) must be classified as a non-commercial consumer(s).
The supply is strictly of eligible goods, which must be in stock at the close of business on the day immediately preceding the VAT Zero-Rated/VAT-Free Day — Thursday.
The eligible goods must be sold to the purchaser(s) on Friday.
The IRD said that the eligible goods must be in stock and paid for in full on Friday and goods purchased on hire purchase are excluded from the VAT-free day.
Applicable items
The department said the VAT Zero-Rated/VAT-Free Day applies strictly to tangible personal items and includes:
(a) Consumer electronics, e.g. televisions, computers, smartphones, audio equipment.
(b) Household appliances, e.g. refrigerators, stoves, washing machines, microwaves.
(c) Food and beverages, inclusive of both non-alcoholic and alcoholic beverages.
(d) Clothing and footwear, e.g. all apparel, school uniforms, work boots.
(e) Furniture, e.g. beds, sofas, dining sets, office furniture.
(f) Building materials, e.g. cement, lumber, steel, paint, tiles, plumbing fixtures.
(g) Automotive parts, e.g. tyres, batteries, spare parts (excluding the motor vehicle
itself).
(h) Cosmetics and toiletries, e.g. perfumes, skincare, non-prescription personal care
items.
(i) General merchandise, e.g. toys, books, decor, kitchenware.
Exclusions:
The following supplies are strictly excluded from the zero-rated application on Friday
(a) Services of any kind, including tourism and hospitality services
(b) Tobacco products, e.g. cigarettes, cigars and loose tobacco
(c) Firearms and ammunition
(d) Motor vehicles
Please note that the sale of prepared meals and beverages at hotels, guesthouses, restaurants and other similar establishments are excluded as being eligible for the VAT Zero-Rated/VAT-Free
Day.
The Inland Revenue Department looks forward to a smooth and successful VAT Zero- Rated/VAT-Free Day for all.
Ralph Gonsalves is still going around behaving as if he didn’t lose the elections. There he goes speaking all kinds of disillusioned things and wanting all kinds of privileges. He wants to be treated like a “former leader”. And “his portrait has been removed from the airport”. His cronies are going around saying things like, “The NDP is continuing Gonsalves’ policies.” LOL. Boy, this election loss has stung very hard. Gonsalves, your time has passed; get over it. LOL!