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Prime Minister Allen Chastanet last night announced the VAT reduction which has been eagerly awaited by St. Lucians since it was promised in the elections earlier this year.
The reduction, which will take effect on February 1, 2017, will pump $52.5 million into the hands of St. Lucians according to the PM.
The VAT reduction will see a cut from the current 15% to 12.5%.
Countries in the Caribbean have been taking steps to provide stimulus in the hope of triggering growth, a direct shift from the austerity policies adopted since the collapse of the US financial markets that had deeply impacted Caribbean markets.