by Omesha Spence 20.FEB.09

The St. Vincent & the Grenadines Chamber of Industry and Commerce has launched “Vat Clinic”, a new forum benefiting businesses throughout St. Vincent and the Grenadines.{{more}}

The interactive session, which took place on Tuesday, February 17, at the Chamber of Industry and Commerce conference room, involved discussions between the Internal Revenue Department (IRD) and the business sector.

According to Angus Steele, President of the Chamber of Industry and Commerce, the session hopes to improve business relations: “We are happy to offer this interactive session with the opportunity for dialogue, which is one of the first steps needed to improve the relationship with businesses,” he said.

The forum focuses on informing businesses of proper taxing procedures that comply with VAT laws and examining how the VAT laws impact their business operations. This aspect of the program, Steele mentioned, holds great importance to the business sector. “We are confident that if businesses can get their tax right – whether they are setting up, taking on employees, or seeking finance – this saves them time and money,’ he said.

The IRD will work along with the Chamber of Commerce to provide support to businesses to make sure that they understand how the VAT laws relate to their business operations and how to comply with such instances.

The forum’s discussions included addressing concerns businesses may have about certain VAT procedures and the discussion of subjects such as the implementation of VAT on certain items and the displaying of VAT inclusive prices on products supplied by business, among other topics.