GET YOUR ACT TOGETHER and come up with a formal mechanism to represent your interest.
This was the advice of Minister of Finance Chris Sinckler yesterday to entertainment promoters who have been complaining that recent changes to the VAT Act were killing their businesses.
Additionally, Sinckler made it clear he would no longer entertain their informal approach to business because too often in doing so, he found himself in a position where his action could be deemed as being in breach of the law.
He noted that just last week, spokesman for the promoters, Chetwin Stuart, noted in a news article that once they subtracted VAT and the eight per cent payable to COSCAP (Copyright Society of Composers, Authors and Publishers) from their revenue, they were hardly able to make a profit.
“But that is a mistaken approach,” Sinckler said. “VAT is never theirs. It is not something they should subtract because it should never have been added in the first place because it should never be treated like part of your revenue. (RRM)
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