The Ministry of Finance has confirmed that changes to the VAT regime will be effective from February 1st 2016.
In the 2015/16 Budget speech, Minister of Finance, Colm Imbert, promised that the changes to the tax structure, including the 2.5% decrease, will be implemented on January 1st 2016.
However, in a media release sent last night, the Ministry stated that the delay was a consequence of the necessary changes required to the overarching legislation.
By the end of the week we'd have entered a new year and with it, several changes that can affect your pocket one way or the other.
As in most national budgets, some changes come into effect at the beginning of the calendar year - January 1st - as opposed to the beginning of the country's financial year - October 1st.
And while many of us have been paid our December salaries early (the salary that would see you through January), we felt we should give you some added information to help you decide if to cut back or not.