PRESS RELEASE

Following discussions held on Tuesday, 13th December 2011 between the Prime Minister, Dr. the Right Honourable Denzil Douglas, members of the Ministry of Finance and representatives of the St Kitts and Nevis Chamber of lndustry and Commerce, the Chamber is pleased to support the implementation of a 7% VAT day on Thursday 22nd December 2011, as announced by the Prime Minister.

The Chamber is pleased in particular with the assistance given to all those persons who remain at home to support the local economy with their purchases throughout the Christmas and Carnival Season, and
encourages all VAT registered businesses to participate in this venture and, where possible, to add their own discount incentives to ensure this measure will result in a most rewarding shopping experience for all local consumers.

The terms established by Government for the incentives include the following:

1. Businesses must apply in writing to and receive formal approval from the VAT office to participate in this 7% VAT measure.

2. Businesses will be allowed to charge VAT at 7% from 12:01 a.m. to 12:00 midnight on Thursday 22nd December 2011 and only during that 24 hour period.

3. All goods sold by any of the approved businesses will qualify.
These include food and other groceries, household furniture and furnishings, hardware and building materials, motor vehicles
and spare parts, NOT INCLUDED are Services including Telecommunications Services (e.g Top Ups).

Goods bought before Thursday 22nd December 2011, and brought back to the business houses for exchange on that day DOT NOT qualify for the 7% VAT .

The St Kitts Nevis Chamber of lndustry and Commerce takes this opportunity to wish all citizens a joyous, safe and secure Christmas and Carnival Season, and most rewarding shopping experience.

December 15,2011

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