The Ministry of Finance being cognizant of the need of business to upgrade their cash systems to effectively calculate and account for VAT , has accepted the recommendation of the Chamber to consider a waiver of duties and taxes on the acquisition on point of Sales (POS) systems.
As a result, businesses upgrading or acquiring POS systems will be granted 50% duty and tax concessions on the following:
- Be registered for VAT and can provide proof of registration
- Submit a completed application form for concession to the Customs Division. Forms can be collected from the Customs Division or the VAT Unit
Concessions will be granted up to March 01, 2010