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Government rebuts anti-VAT claims PDF  | Print |  E-mail
Thursday, 02 August 2012 17:24

The government’s Chief Financial Officer Hugh McGarel-Groves issued a press statement July 31 concerning statements made at a recent anti-VAT public meeting.

“During this meeting video clips were played which claimed that VAT implementation in St. Kitts and Nevis (SKN) had not gone well. This is inaccurate.
“By way of countering these claims, the CFO would make the following points:

  • According to the International Monetary Fund, the implementation of VAT in St Kitts and Nevis is a part of the solution to its economic malaise, not part of its cause. This response has been commended by the IMF as recently as 25 July 2012.
  • This malaise is due to the economy of SKN has suffered from the external shock of the global economic crisis as well as internal bad policy and mismanagement leading to excessive public sector wage bill, lack of control over public enterprises (statutory authorities), resulting in budget deficits and accumulated, unsustainable debt. But none of this was caused by VAT.
  • VAT only commenced on SKN 21 months ago; that is, long after the decline began.
  • The outlook for the SKN economy is now positive.

Supporting Links:

 

“Separate points of clarification:

  • The anti-Vat campaign has highlighted that Cayman does not have VAT. Rather, the government there has determined that it will introduce a 10% tax levy on all expatriate workers earning more than $24,000 as an alternative to VAT and, or other taxation.
  • The Bahamas already has property tax and are looking at VAT and the British Virgin Islands have payroll tax, neither of which are proposed in TCI.”

 

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