Consumers sceptical about whether businesses will actually lower prices under the government’s new zero-rated VAT policy have received assurances from officials.
The Consumer Affairs Department has vowed to closely monitor supermarkets and shops to ensure savings are passed on.
The policy, which took effect August 2, removes VAT from 70 everyday goods, a move meant to ease cost-of-living pressures.
But with many shoppers wary that retailers might not adjust prices accordingly, Director of Consumer Affairs Wendy Frederick said her team has been tracking costs before and after the change.
Frederick said the department mobilised its complaints and investigation officers to gather data from supermarkets and shops nationwide.
“Consumers are expected to see a reduction in prices on the shelves due to the zero-rated VAT,” she said. “Our officers are on the ground collecting data on these items to ensure that the changes are actually reflected in the prices.”
She added that the department will continue monitoring prices to assess whether the VAT savings are being reflected in what consumers pay at the checkout.
The zero-rated VAT policy is part of a broader package of government support measures aimed at helping citizens cope with rising living costs. The Department is encouraging consumers to report any cases where they suspect businesses have failed to reflect the VAT changes in their prices.
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