House backs waiver of penalties, interest on pre-2024 VAT debts

The House of Assembly on Tuesday formally approved the temporary waiver of late-payment penalties and interest fees on old Value Added Tax (VAT) debts.The papers were presented to the House by the Minister for Finance, Prime Minister Philip J Pierre, which saw Parliament validate the reduction of the penalty rate on unpaid VAT from 10 percent to zero percent. The waiver applies to VAT owed before December 31, 2023.