VAT debt from local companies has tripled since Covid

The total amount of VAT debt accrued by Island companies has tripled since the start of the pandemic.

As it stands 589 businesses are in arrears totalling £36,880,379, with the figure of non-actionable debt standing just shy of £100 million.

Many businesses fell behind on their VAT payments during covid and have struggled to get back on track.

Despite many calls for a VAT reduction it was recently made clear by the Treasury Minister that the Island could only action a reduction, if Westminster first made the changes: