St. Lucia will reduce its Value Added Tax (VAT) rate on goods and services in retail shops, supermarkets and souvenir stores from 15% to 12.5%, prime minister Allen Chastanet said in an address to the nation.
The reduction is planned to take effect Feb. 1. Chastanet said that the VAT reduction would pump more than $19 million a year back into the hands of St. Lucians.
The 10% VAT levied in hotels, restaurants and bars and for tour services will remain unchanged…
