The Inland Revenue Division (IRD) advises the general public that in keeping with the provisions of the Value Added Tax Act 2009, the sale of Fancy Mas carnival costumes will attract a 15% VAT as of the 2020 tax period.
This was agreed to after a recent consultation held with Fancy Mas Bandleaders.
However, as it relates to Monday Night Mas packages, please be reminded that the sale of each package will attract the 15% Value Added Tax (VAT) as per normal.
All Mas Bandleaders who are not yet registered with the IRD are encouraged to register with the division for tax purposes by 1 July 2019.
Bandleaders who have formed a company or alternatively operate in their own name (Sole Trader), please note the following for:
- A Company structure:Â the requirement would be to file and pay Corporation Income Tax along with other applicable taxes.
- A Sole Trader structure: the requirement would be to file and pay Personal Income Tax, along with other applicable taxes.
The public is also informed that in accordance with the provisions of the VAT Act, prices quoted by promoters on tickets for all public entertainment events should be VAT INCLUSIVE.
Comptroller
Inland Revenue Division
