The Inland Revenue Department wishes to remind the general public of the recent legislative amendment to the Value Added Tax (VAT) Act as per Statutory Instrument (SI) No.101 of 2016, which reduces the standard VAT rate from 15 percent to 12.5 percent, effective Feb. 1.

As such, all VAT registered businesses are required to make the necessary adjustments to their point of sale systems to reflect the reduction in the VAT rate.

The Comptroller, Sophia Henry, encourages business owners to ensure that this adjustment takes effect from midnight, Jan. 31. Consumers are also asked to remain vigilant and review their VAT invoices and sales receipts when transacting with VAT registered businesses.

For information visit the Inland Revenue Department or call 758.468.4760/4766/4730.