ST. GEORGE’S, Grenada – Grenada's government has published a preliminary list of businesses eligible to participate in the inaugural value added tax VAT-Free weekend on August 28-29 this year under its EC18million(OneECdollar=US0.37 cents) relief package.
The Ministry of Finance said the list forms part of the government’s recently announced Cost of Living Assistance Programme with the Inland Revenue Division (IRD) advising businesses whose names do not appear on the published list, but believe they meet the qualifying requirements, to submit their appeals no later than August 19.
Finance Minister Dennis Cornwall had last announced the VAT-Free Weekend saying it forms part of a broader package of measures to help ease the burden of rising living costs on Grenadian families.
The initiative comes in response to persistent inflationary pressures affecting food and fuel prices, driven largely by ongoing global economic disruptions.
“Together, these measures are designed to provide direct financial relief to consumers through reduced fuel costs and temporary tax-free shopping opportunities,” the Ministry of Finance said, adding that under the VAT-Free Weekend qualifying goods will be treated as zero-rated supplies, allowing consumers to purchase eligible items without the addition of VAT, resulting in immediate savings at the point of sale.
“The government has emphasised that the VAT-Free Weekend is intended to give consumers an opportunity to save on a range of household purchases while stimulating economic activity across the retail sector. Combined with measures aimed at reducing fuel-related costs, the initiative represents a targeted response to the financial pressures currently facing many Grenadian families,” the statement said.
It is encouraging consumers to review the list of approved businesses in advance and take advantage of the savings available during the VAT-Free Weekend.
