St Kitts - Nevis VAT and the Entertainment Industry

2010-08-16 22:35:43 by

The Federation of St Kitts and Nevis will implement the Value Added Tax, or VAT, Nov. 1, 2010. The tax is expected to affect all forms of consumer spending, including entertainment.

Once a business exceeds EC$150,000 per year, it would be required to register with the Inland Revenue Dept. Also, if a group will bring in a performer to the islands, they will have to register. The VAT will offer tax reductions for some equipment.

Consumers should expect an increase in the prices of alchoholic beverages served at entertainment events.

Edward Gift, head of the VAT office, explained, "That is something we may have to accept as a society. Remember the consumption of alcohol, cigarettes and tobacco has negative effects on the whole society. They increase healthcare costs as there are a lot of diseases related to the consumption of alcohol and cigarettes, and we as a society have to pay for those persons to be taken care of. The taxes on those items would be increase slightly. They may try to reduce the price, but at the end of the day they have to make sure they collect the VAT."

Read more at SKNVibes.com.