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Learn moreStandard VAT rate reduced from 17% to 13%
The government on December 31, 2024, released guidance on the reduction of the standard value added tax (VAT) rate from 17% to 13% for the first half of 2025. Transactions before this period will still incur the 17% VAT rate. The 10% lower VAT rate for commercial rentals, accommodation, and restaurant supplies remains unchanged.
The guidance also outlines taxpayer responsibilities, penalties for non-compliance, and upcoming taxpayer education initiatives. Additionally, strict monitoring will be conducted to prevent price gouging.
For more information, contact a KPMG tax professional in the Caribbean:
Grant McDonald | grantmcdonald@kpmg.bb
Marianne Greenidge | mariannegreenidge@kpmg.bb
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