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Officials at the Vat Office have confirmed reports that some businesses have not made adjustments to the vat rate at their point of sale locations.

A new vat rate took effect here on February 1st resulting in a 2,5 percent reduction from 15 to 12.5 percent.

According to the Deputy Comptroller at the Inland Revenue Department, Marcia Vittet says the vat office has received complaints from consumers regarding the discrepancy. She informed that the vat office has taken steps to address the concern and to ensure compliance with the vat legislation.

Vittet has however warned that businesses which do not comply with the new rates will be penalized.

The new vat rate took effect here on February 1st.
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