Minister of Finance, Colm Imbert announced that VAT on luxury food items will be restored to its original conceptualization.
Minister made the announcement during the 2020/2021 Fiscal Budget presentation on Monday October 5th.
He said “we are restoring the VAT base to its original conceptualization and now be broadened to include luxury imported foods.”
The full VAT of 12.5 percent will now be applied to a wide range of imported luxury food items, such as lobster, escargot, smoked salmon, pâté, clams, strawberries, champagne, apples and grapes.
The full list will be published in due course and will take effect on January 1, 2021.