Local Businesses Praise Tax Concessions
~~Adz:Left~~Basseterre, St. Kitts (January 11, 2008): One year after the institution of duty concessions for local businesses, several proprietors have indicated that they believe the assistance they received has put them in a better position to be competitive.
On the first anniversary of the opening of his business, one such beneficiary; who preferred to remain unnamed, said that his company had done really well and that without the concessions, launching his business would have been considerably difficult.
Commenting on his hopes for tax breaks in the future another business man, the owner of El Fredo’s – a small restaurant – said he was not as privileged to learn about the concessions when he first opened his business, but in seeking assistance he was well assisted and referred to the appropriate contacts.
“I went to see Minister [Nigel] Carty who told me that there were existing concessions for new business owners, and I was sent to the Ministry of Finance where I was asked to fill out an application,” said Kenneth Francis.
He added that his application had been approved and he would use it in the near future as he will need to import some other equipment for his business.
He added that he hoped other potential business owners would take advantage of the assistance being offered by Government to assist local investors.
Minister Carty, in speaking to SKNIS in response to the business owner’s comments, said the launch of the St. Kitts Investment Promotions Agency (SKIPA) would address these types of issues so that there would be less hassle in establishing a business. The Minister stated hat the one-stop agency would go far in alleviating some of the frustrations of would-be investors, and elucidating the availability of assistance being provided by Government.
Minister Carty revealed that Cabinet had just approved a number of concessions for similar entrepreneurs who had applied recently and that those persons would be informed shortly.
An officer in the Ministry of Finance informed SKNIS that the Ministry welcomed any person who had just opened or intended to open a business, to visit the Ministry to fill out the appropriate paperwork.
