St. George's, Grenada 17th January, 2020: The Inland Revenue Division (IRD) wishes to remind the general public that, the sale of "Fancy Mas" carnival costumes and Monday Night Mas packages will attract a 15 percent VAT as of the 2020 tax period.
As communicated last year in the June 11, 2019 news release, this is in keeping with the provisions of the Value Added Tax Act 2009.
Band leaders are encouraged to come into the Division to regularize their registration status before February 15th, 2020.
Band leaders, who have formed a company or alternately operate in their own name (Sole Trader), please note the following for:
· A Company structure: the requirement would be to file and pay Corporation Income Tax along with other applicable taxes.
· A Sole Trader structure: the requirement would be to file and pay Personal Income Tax, along with other applicable taxes.
Please also be reminded that in accordance with the provisions of the VAT Act, prices quoted by promoters on tickets for all public entertainment events should be VAT INCLUSIVE.
Inland Revenue Division - Striving for Greater Taxpayer Compliance.
Inland Revenue Division