Government says it will once again increase the Value Added Tax (VAT) registration threshold, in order to reduce the number of businesses required to register for the VAT.
This was disclosed by Finance Minister Roosevelt Skerrit, during the presentation of the 2016/2017 national budget address last week.
Vat was introduced in March 2006, and according to Skerrit a VAT registration threshold of $60,000 was set at its inception.
That was increased effective September 1st 2007 to $120,000 for all types of businesses, with the exception of hotels, commercial rental, businesses and professional service providers.
Skerrit says this threshold will increase again after 9 years.
Skerrit says businesses that are now registered for VAT, and which will now fall below the new proposed threshold, will be de-registered.
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