Prime Minister and Minister of Finance Dr. Hon Ralph Gonsalves in presenting the 2017 Budgetary address in Parliament on Monday 6th February announced a number of fiscal measures.
These include an increase in the Value Added Tax (VAT) from 15 to 16 per cent.
Further PM Gonsalves announced an increase in the rate for accommodation and other tourism related activities from 10 to 11 per cent.
A reduction in the rate of VAT for rental of a berth in any marina or shipyard was also announced from the standard 16 per cent to 11 per cent.
The changes to the VAT rates will take effect from May 1, 2017.
Among other fiscal measures announced was an increase to the Airport Service Charge on passengers departing by aircraft from St Vincent and the Grenadines to EC$100.00 from February 15.
Further the two per cent levy introduced in 2016 on telephone calls originating from St Vincent and the Grenadines will also now be applied to incoming calls and data.
This measure becomes effective from March 1, 2017.
