For the second time in two years, shoppers will enjoy a boost to their spending power as Government declares Wednesday, a VAT-free day.The announcement was made on Monday afternoon by Minister of State in the Ministry of Finance and Economic Affairs, Ryan Straughn who confirmed that the 17.5 per cent Value-added Tax (VAT) on goods would be zero-rated, four days before Christmas.However, unlike last year when business owners complained that they had not been consulted by Government and as a result were not in a position to modify their payment systems to allow for the VAT removal at the last minute, Straughn said both the Barbados Chamber of Commerce and Industry (BCCI) and the Barbados Private Sector Association (BPSA) had been involved in the discussions this time around.During a press conference at Government House, Straughn estimated that the exercise would cost Government between $3 to $3.5 million in revenue.
