VAT-free list next week
The new list of foods to be zero-rated should be finalised by next week and unveiled by the end of the month, Trade Minister Vasant Bharath said yesterday.
This is in keeping with Prime Minister Kamla Persad-Bissessar's pre-budget rally promise on September 29 that value added tax (VAT) would be removed from food items.
Bharath was speaking at a competiveness forum hosted by the Trinidad and Tobago Manufacturers' Association yesterday at the Hilton Trinidad.
Bharath, who is also a minister in the Ministry of Finance, said that he was also in discussions with the Board of Inland Revenue to speed up VAT refunds to manufacturers.
Finance Minister Larry Howai, who also attended the forum, said with regard to VAT reform and its impact on local manufacturers, discussions had started.
"It does affect Government cash flow. We need to bear that in mind as we seek to arrive at a happy medium between what we need and what they are looking for," he said.