The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Value-Added Tax (VAT) registrants have exceeded the Ministry of Finance’s projections by 21.1 per cent to-date, with more businesses continuing to apply.

Michael Halkitis, minister of state for finance, said some 5,450 VAT registrants had completed the process to-date, 950 more than initially projected.

He also urged consumers to continue monitoring the behaviour of businesses, and report any suspicious incidents and wrongdoing.

During a brief update in the House of Assembly on VAT implementation, Mr Halkitis said the VAT Department continues to register businesses.

“The VAT Department has commenced its compliance work by conducting a series of field  visits in response to taxpayer complaints as well as to provide assistance to VAT registrants,” said Mr Halkitis.

“Among the issues that have  been received are the non-display of VAT certificates, issues of improper invoices and sales receipts, overcharging of VAT and a general increase in commodity prices far above what is justifiable to account for VAT and associated administrative costs.

“Businesses are advised against increasing prices over and above the required amount. We are extremely pleased that the consumers are being so vigilant. This level of awareness speaks to the quantity and quality of work done by the VAT Department in preparing not only the business community but consumer as well.”

Mr Halkitis said that with the duty rates on a wide range of items having been reduced in the wake of VAT implementation, the benefit of those cuts should be passed on to the consumer.

“Consumers are urged to continue to assist the Government with monitoring the behaviour of businesses, and report any incidents or suspicion of wrongdoing. All matters will be investigated and dealt with appropriately,” said Mr Halkitis.