Minister in the Ministry of Finance, Doctor Ubaldus Raymond has asserted that a reduction in the Value Added Tax (VAT) from 15 to 12.5 percent was ‘gladly accepted’ by members of the public.
Saint Lucia in February this year announced the VAT reduction.
“Speaking with some consumers and even some merchants, especially in the supermarkets, they have seen an increase in the demand for their goods,” Raymond told reporters Thursday.
He asserted that with lower prices there would be increased demand and purchases.
Raymond declared that there is a heightened confidence among merchants in Saint Lucia.
“Clearly, there is a sign of happiness – there is upbeat in the business sector,” the minister told reporters.
He made reference to the last business survey here which he said indicated that the local business sector is happy with what is going on in Saint Lucia and the various strategies and policies undertaken by the United Workers Party (UWP) administration.