THE Supermarket Association of Trinidad and Tobago (SATT) says the Consumer Affairs Division will be monitoring the removal of VAT in stores.
In a release on Friday, SATT said, “On November 1, Over 3000 items were impacted by the removal of VAT based on the categorisation of products read in the annual budget. With such a great deal of inventory items however, it was always to be expected that most stores would experience minor issues by way of classification of products.”
The association stated it could confirm that the bulk of the identified items had VAT removed by November 1 in a timely fashion.
“We wish to note that not all supermarkets, neighbourhood shops and parlours fall under the umbrella of SATT. Therefore, where some stores are in a transitional phase or not compliant at all, that will fall at the remit of the relevant statutory body.”
However, they ensured their membership that the association was fully compliant in the interest of the consumer because they want to ensure some form of relief was being passed on to the final customer.
“We also wish to point out that there is still some level of ambiguity where some suppliers of goods are still assessing and finalising tariff classifications as this is the waypoint for determination by that supplier whether the product is VAT exempt or not. It is expected that if this is still happening that there will be a transitional phase for some products.”
In addition, they reminded the public that removal of VAT was a form of consumer relief during the pandemic, which came amid the worst year on record for escalating food prices due to the chronic global supply chain issues being experienced.
SATT said, “The removal of VAT does not revoke the impact of global inflation and the price increases being passed on by domestic suppliers to supermarkets because of this situation.
“Food price increases are taking place due to worldwide shortages and shipping delays. Prices are not expected to remain static as Trinidad and Tobago remains a net importer of goods and, as such, are directly affected by externalities on the global marketplace.”
SATT continues to work closely with all stakeholders to ensure that no question marks linger over the removal of VAT. We care deeply about the nation’s customers and want to ensure they receive the best prices at all our member stores.
