BASSETERRE, ST. KITTS, JANUARY 19TH 2011 (CUOPM) – Re-emphasizing his government’s commitment to a fiscal consolidation programme geared towards achieving improved fiscal stability and sustainability, St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas received the greenlight from the cabinet granting concessions on import duty for a range of small businesses.
“These businesses included small manufacturers, services-oriented businesses, information and technology-related businesses, and heavy equipment operations,” Minister of Information, Sen. the Hon. Nigel Carty disclosed at the Post Cabinet briefing.
He said that Dr. Douglas, who is also Minister of Finance, advised his Cabinet colleagues, that it was critical for government to continue to meet its obligations to provide essential goods and services for the welfare of our people and the good governance of the country.
He further stated that St. Kitts and Nevis must in the future build for itself a stronger fiscal and economic position to continue to secure significant social advancement for our society.
“In this regard, the streamlining of our regime of tax concessions and the implementation of the Value-Added Tax (VAT) are decisive elements of our medium to long-term plan,” said Minister Carty.
He said Cabinet agreed that it was important to ensure that all applications for tax concessions fell within the ambit of one of the relevant laws under which such concessions might be obtained.
The concessions awarded are intended to strengthen key sectors of the economy thereby creating employment, economic growth, and wealth for local investors.
Minister Carty said the Cabinet pledges to continue to give its support in this regard.
