Basseterre, St. Kitts - The Denzil Douglas led Administration has approved a new package of incentives for building contractors.

A Post- Cabinet statement stated that “the package will allow building contractors to import a list of equipment critical to improving the quality and efficiency of the building process into the country with concessionary tax rates”.

“It is estimated that this new package will reduce labour cost on construction projects by as much as 8% and will help catalyze home ownership, the growth of the construction sector, employment and overall economic growth. Once again, the government is proud to offer to the local small business community a helping hand in these tough economic times,” the statement read.

The Post- Cabinet statement also stated that given the global economic downturn, “business operators in various sectors of the economy have benefited from a range of incentive packages offered by the government to help stimulate the economy and to promote successful local businesses”.

“On almost a weekly basis, cabinet approves tax concessions for a range of small local businesses. This facility is important but even more so at this time of global economic downturn,” the statement continued.

The statement also stated that the Public Works Department and the Building Board have been entrusted with the task of developing an objective set of criteria for approving contractors that will benefit under this project.