CALCULATING GCT

On Sunday May 1, the General Consumption Tax (GCT) will move to 16.5%. Many consumers would have become accustomed to quick ways of calculating the 15% so that they could double-check their receipts to ensure that they were not being unfairly charged. In many cases consumers did a quick calculation before making a purchase to check the final cost for a good, service or product.
It may take some time to become familiar with calculations for the new 16.5% GCT, therefore the Consumer Affairs Commission presents a quick method that may help consumers in calculating the final cost of those products that attract GCT.

If the cost of an item is $100.00, the final cost plus GCT becomes $116.50, To confirm this or check it yourself using your cell phone calculator or other pocket calculator simply do the following: -

• Multiply $100 by 1.165 to get $116.50
• If the item costs $820.33, multiply by 1.165 to get $955.68
• If the item costs 1123.78, multiply by 1.165 to get $1309.20

The Consumer Affairs Commission also wants to remind the public that not all items attract GCT. Therefore consumers are asked to familiarize themselves with the items that are tax free to ensure that they are not being asked to pay GCT when they should not.
If you are in doubt as to which items do not attract GCT please contact the Tax Administration Services Department (TASD) at 922-8961 or the Consumer Affairs Commission, toll free at 1-888-991-9529.
If you are being charged GCT on items that are Tax Free this matter should be referred to the Consumer Affairs Commission or the Tax Administration Services Department.

Remember to ask for, obtain, check and retain your receipt(s) for all purchases!!

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