Minister of Finance, Winston Jordan, said the Smart City Solutions (SCS) Company will have to remove the Value Added Tax (VAT) being attached to the pre-paid cards the company is retailing.
Vehicle owners have to pay $580 (VAT inclusive) for a $500 value per paid parking meter card.
Today, in the National Assembly, Minister Jordan said, “That is an error on the part of the SCS. It is incorrect, the VAT is only supposed to go on the parking itself. Treat it the same way as how you treat the telephone cards. The VAT isn’t on the card it is on the telephone service itself,” Jordan explained.
The Minister indicated he will issue an advisory to SCS to have the matter resolved.
The Georgetown Mayor and City Council inked the parking meter contract with SCS last year and began implementing the parking meters last week. Drivers are required to pay $50 for every 15 minutes or $200 to park at a designated area for an hour.