Posted on

MAY 1, VAT IMPLEMENTATION DAY

MAY 1, VAT IMPLEMENTATION DAY

Share

Consumers are urged to be vigilant when shopping over the next few days leading up to the implementation of the Value Added Tax (VAT) on May 1.

This advice came from Acting Prime Minister Sir Louis Straker while speaking at a ceremony to hand over VAT certificates to registered businesses at the Inland Revenue Department last Friday.{{more}}

The acting prime minister advised that the prices advertised on the shelves from next week should be the VAT inclusive prices, and the price that is paid at the cash desk should not exceed the price that is displayed on the shelf.

Sir Louis also urged the consumers to be sure to collect their receipt at the cash desk and ensure that the VAT they pay is printed on the sales receipt.

“You (the customer) must be vigilant at all times. Before you pay VAT make sure that your supplier is registered to collect VAT by simply looking around for the registration certificate,” Straker told the gathering on Friday.

He also applauded the various business places that have responded to the implementation of the VAT system by having VAT sales to deplete their stock.

He also urged businesses to comply with the legislation and to display their certificates in a prominent area of their premises that is easily accessible to their customers.

“You the owners must appreciate that the consumers have the right to be satisfied before they pay VAT to you, that you are duly authorized to charge them VAT,” Straker told the business owners.

The ceremony also involved the presentation of prizes to students who participated in a radio quiz programme that was initiated by the members of the VAT Unit and broadcast on the National Broadcasting Cooperation (NBC) Radio during the Easter vacation.

LAST NEWS