Chamber Warns That Prices will Skyrocket

The Chamber of Commerce is also warning of imminent GST-induced price hikes. As we've reported, the chamber requested that government sanction an audit of stock-on-hand at July first, so that those goods that have already paid sales tax are not doubly taxed with the GST.

Well, Financial Secretary Carla Barnett yesterday informed the Chamber that government had rejected the proposal. This evening the Chamber wrote back making it clear that, "many businesses will be forced to pass on the two taxes", which, they say, will cause an increase in prices."

The Chamber warns that this will lead to an increase in the contraband trade and shopping abroad. The Chamber says it is still open to a last minute compromise.