Business group wants reduction in VAT in order to spur economic activity
CASTRIES, St. Lucia, CMC – The St. Lucia Employers Federation (SLEF) is calling on the government to lower the near one-year old Value Added Tax (VAT) so as to provide “some breathing space” to local business in the face of job losses and business closures.
"This reduction will provide members some breathing space as the slowdown in the economy continues to bite deep into their cash flows," said SLEF executive director Joseph Alexander.
The private sector group wants the VAT reduce from 15 to 10 per cent and Alexander is also contending that should the government decide against collecting the 15 per cent VAT up front from businesses and collect the tax after they have sold their goods, employers would have the breathing space needed in the current economic downturn.
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