Gross Sales

The Inland Revenue Department is in the process of examining the gross sales made by businesses over the past years.

This is according to Kelvin Pompey, Comptroller who told NBC News that the Department is now in a position to determine who should be de-registered from VAT – based on their average sales over the a five year period.

He said they are currently in the process of contacting businesses to let persons know if they will be removed or if they remain.

Mr. Pompey is also encouraging consumers to ensure that they request receipts – during the change in VAT, expected to come into effect on Monday 1st of May.

The General Rate for Value Added Tax will move from 15 to 16 percent and the rate for Hotels, Mariners and Businesses in the Tourism related industry will move from 10 to 11 percent.