No VAT-Free Day for Holiday Season: Ministry of Finance Dispels Anticipation amid Social Media Campaigns and Retailers' Sales
December 19, 2023
The Ministry of Finance advises against expecting a VAT-free holiday due to heightened expectations and potential economic slowdown. Retailers' announcements may have contributed to public anticipation.
There will be no VAT-free day this holiday season.
“Due to numerous social media campaigns and other media commentary which have contributed to heightened expectations of a VAT-free holiday, potentially leading to a slowdown in actual economic activity, the Ministry of Finance advises the public and the business community to conduct their business with no such expectation,” said a release.
There was islandwide anticipation that a VAT-free holiday was coming this month.
Last week, several retailers announced sales, some with savings “more than VAT” in their posters. (PR/SAT)
