No New Taxes to Replace Fall-off in VAT Revenue

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St. Kitts and Nevis (WINN):  No new taxes will be imposed to replace the loss of revenue from the removal of Value Added Tax (VAT) on food, medicines and funeral expenses, says Prime Minister and Minister of Finance Dr. Timothy Harris.

“We are not now contemplating that there would be a need to engage in any new taxes to deal with any fall-off with respect to VAT, and so we are monitoring that situation…constantly,” the Prime Minister tells WINN.

“We expect that  as a result of freeing up money in the pocket of people, people are going to make other consumption and investment decisions which are going to add to the flows, and we make the point that a low tax jurisdiction would be preferred than a higher one.

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