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Consumers and business owners are cautioned that failure to pay close attention to the changes in the vat rate could result in penalties.

The advice comes ahead of the January 31st deadline when businesses must make the adjustment in their pricing to reflect a 12.5 percent vat rate .

Officials from the Inland Revenue Department who were features as guests on Monday’s Newsspin program anticipate that the process could prove tedious for some establishments, but the process could normalize within a days.

Gabriella Regis Louis stressed that businesses which fail to comply with the new regime will be penalized.

Officials stress that the Inland Revenue Department has a strategy in place for surveillance and monitoring to ensure compliance across the board.

They include compliance visits, spot checks, surprise visits in an effort to ensure that the correct vat rate is being applied.
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