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Truth about VAT, price increases

Published: 
Thursday, March 3, 2016

It is amazing how some people will twist things to suit their agendas. One letter writer argued that prices have gone up since the reduction of the VAT rate because of the increases in the value of the US dollar since the last election. 

The letter writer starts from the false premise that the US dollar was valued at TT$6.35 before the election, which is of course misleading, as the value of the US dollar has been substantially above this figure for several months. 

The reason for any increase in prices can have nothing to do with the value of the US dollar, and it is wrong to make any such suggestion. 

The real reason for the price increases has to do with the opportunity given to the merchants to get away with it because of the failure of the Government to properly manage the exercise.

Karan Mahabirsingh

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