BASSTERRE St. Kitts – SMALL business owners can now breathe a sigh of relief as their constant cry for help concerning tax concessions have not fallen on deaf ears.
They are now granted “tax concession on transportation equipment for a small local business operating in the services sector”.
A post cabinet briefing issued Monday (Aug. 8) stated that the small business sector is recognised as having the greatest potential for growth and employment creation, thus the Cabinet of Ministers had approved the granting of tax concession on transportation equipment for a small local business operating in the services sector.
It further explained that the financial assistance to the small business concerned would assist it in improving quality of service and in serving an expanded clientele.
Prime Minister and Minister of Finance, Hon. Dr. Denzil Douglas remarked that the fiscal variables are tending in the right direction and that significant progress was made through the adoption of a series of measures, including the restructuring of the tax system.
He identified the current policy, which allows the construction of homes, a waiver of taxes on the purchase of materials of up to EC$400 000 as a significant stimulus measure for the local economy.
PM Douglas also pointed out that the Federation’s debt-restructuring efforts should yield great benefit in the reduction of the stock of public debt which stands at 155 percent of the GDP.
