VAT on Demand Charge suspended
The application of the Value Added Tax (VAT) on the Electricity Demand Charge has been âofficially haltedâ until further notice.{{more}}
A release from the St Vincent and the Grenadines Chamber of Industry and Commerce on Tuesday, July 14, said that the decision to suspend the charge was taken following the Chamberâs consultations with the Prime Minister Dr Ralph Gonsalves and âother relevant authoritiesâ on the matter.
While no official statement has yet been made by the St. Vincent Electricity Services Ltd. (VINLEC), the Chamber has, however, advised businesses that with immediate effect, the charges shall no longer be applied. âWe applaud the Government for heeding to the call of the business community in the interest of Private Sector sustainability and development, particularly in these turbulent economic times. The Chamber assures you that we will continue to speak with a strong voice on matters affecting businesses. We look forward to hearing from the business community as we continue to create a respected presence in the community,â the release from the Chamber said.
In a letter dated 6th May, 2009, VINLEC informed businesses of the immediate application of the VAT on the Electricity Demand Charge for Commercial and Industrial Customers in compliance with Section 8(1) of the VAT legislation.
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