| And while the folks at V Store showed us how the discount will be calculated in their system with a few key strokes - we've spoken to a cross section of large business owners - and some have expressed profound bewilderment and concern, while others embrace the chance for added sales.
One told us, quote, "I cannot start to explain how complicated it will be and the chaos it will create for businesses." end quote. One wholesaler told us, quote, "Some of our Chinese Customers in Cayo have told us they will simply close those 4 days since it will be a nightmare for them."
We'll believe that when we see it…but to hear the tax boss tell it - the paperwork and calculations for businesses will be very straightforward:
Michelle Longsworth, Director General - BTS
"So all we're saying to taxpayers is that all you need to do is to go through, add up all your sales, just like regular, but at the end of that sale, you give your 12.5% as a discount. So you minus it out, you subtract it if you're using a cash register."
"If you're using a POS system, you just apply it as a discount. And it's not difficult because let's use like a store like James Brodies who on weekends offers a discount. What they will do, they will just add on the 12.5% as an additional discount separated from the normal 10% discount that they give."
"So taxpayers that we've spoken to and explain this to can see that it's simple. And what is important here is that taxpayers still have to report or still have to file come January. Why? Because taxpayers have already purchased these goods, they've already paid their input tax, we will be giving them back their input tax because remember, GST is an offsetting."
"So normally the input tax they pay, they offset it against what they collect for government. So now they will still file on their GST return at line 1-10. They will still file and they will still claim back their input tax."
| 