No sudden hike in VAT prices says Dr. Thompson

The Vincentian public has been mis-educated by the media about the effects of the soon to be introduced Value Added Tax (VAT) system. This is according to Minister of Telecommunication, Science, Technology and Industry, Dr. Jerrol Thompson.

“There is not going to be any sudden hike in prices”, said Minister Thompson as he addressed those gathered at the Opening ceremony of the exhibition of the National Development Foundation of St Vincent and the Grenadines, last Thursday, April 6.{{more}}

Dr. Thompson reiterated government’s claim that VAT will in fact be a fairer, more easily distributed system of taxation and also emphasized government’s interest in the private sector’s development. He highlighted the planned $23 million private sector development project. This project is expected to focus on the business upgrade and training of young entrepreneurs.

The exhibition held at the Old Public Library Grounds featured the products and services offered by clients of the National Development Foundation.

In his address, Murray Bullock, the Foundation’s President lamented the drying up of donor funding to continue their work. He reminded all present that although the rate of failure of small businesses is very high, mainly because of under-capitalization and lack of training, the ratio of their returns by is much higher than that of medium sized businesses.