Basseterre, St. Kitts, November 26, 2015 (SKNIS): Local citizens in St. Kitts and Nevis, who purchase real estate, a house or land, will now pay 10 percent to the Government in taxes, as opposed to 12 percent, due to the passing of the Stamps Amendment Bill, during the fifth sitting of Federal Parliament on Tuesday, November 17, 2015, at Parliamentary Chambers, Government Headquarters.
The Honourable Vincent Byron, Attorney General, explained what the Bill intended to do.
“The Bill is to put into force, a measure as has been read by the member for number five from the budget address here in December 2014, that was read by the honourable member for number six, and who very properly indicated to the country at the time that this measure was one to bring a measure of fairness and equity in the tax system,” the Honourable Byron said.
“The measure as he put it, and as we say we agree with it, is that those of our citizens who live here, whether you purchase a piece of land in various areas, citizens of St. Kitts and Nevis, ordinary citizens have had to endure an interest payment on tax on the purchase of their lands to the government of 12 percent.”
Attorney General Byron stated that at one time, the vendor and the purchaser paid 6 percent each in taxes, however, the purchaser bore the charge indirectly and directly.
He briefly mentioned the Condominium Act which is an act to facilitate the sub-division of land into parts that are to be owned individually and parts that are to be owned in common, and to provide for related or incidental matters. He noted that St. Kitts and Nevis has seen a growth of condominium development over the years, which is relevant and imperative for the Federation. In addition, he stated that a reduction in the stamps duty from 12 to 10 percent provides for more buyers to benefit.
The Stamps Act is an act to make provision for the use of stamps in the state whereby all postage rates and stamp duties, respectively, shall be noted or expressed, and to provide for related or incidental matters.
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