PM Douglas No revenue loss from reduction in stamp duty, local investors will benefit

BASSETERRE, St. Kitts, October 6th,  2011 (CUOPM) – Prime Minister Hon. Dr. Denzil L. Douglas says the recent decision by his Cabinet and the Parliament to reduce the stamp duty payable on the market value by the vendor or transferor in respect of conveyances or transfers of land or property, will not result in the loss of revenue.
 
He said that the decision will also assist two local developers on the South East Peninsula.
 
“By bringing the tax from 18.5 percent to 12 percent, it levels the playing field for them and nothing will be lost. It will also spur additional investment opportunities and thus will increase the revenue that we would have obtained with regard to the transfer of land on the South East Peninsula,” said Prime Minister Douglas in response to a comment and question during his weekly radio programme “Ask the Prime Minister.”
 
“We will not in any way lose any revenue; instead it will enhance our ability to close the fiscal deficit which is important as part of the programme for growth and development of the local economy,” said Dr. Douglas, pointing out that construction will result in the employment of hundreds of people.
 
“We need to have people building hotels, vacation homes and the action that we have taken with a reduction in the Stamp Tax, will bring more money into the pockets of the ordinary poor people and skilled and unskilled persons,” said the Prime Minister.
 
He said that as Prime Minister he continues to care about the ordinary working class residents of St. Kitts and Nevis.
 
“We care about the poor people. We are doing it for the poor, because it is the poor and vulnerable who we want to benefit from all of the investment that the governments – past and present - have made on the South East Peninsula. Watch my word, mark my word and you will see that we will bring solid development to the South East Peninsula where ordinary poor people will be able to make a decent standard of living by being employed over there.”
 
Reducing the Stamp Act is a major step on the part of this government to make sure that poor people of this country can benefit from the development there,” said the St. Kitts and Nevis Prime Minister.
 
Wrapping up debate in the National Assembly, Dr. Douglas said it is obvious that the opposition People’s Action Movement wants to see no development in that area.
 
“They want no development in that area. All they want the government to do is to fill potholes on the road” said Prime Minister Douglas, the mover of the Bill.

 
 
 

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