Charlestown,Nevis, December 18th, 2011 -- Premier of Nevis and Minister of Finance, the Hon. Joseph Parry on Friday, December 16, 2011 presented a tax free Budget to the Nevis Island Assembly, the first since his Nevis Reformation Party (NRP) was returned to office for a second consecutive term in the July 11 local elections.
In what was his sixth overall Budget presentation, the Premier outlined the details of government’s approach to revenue collection and spending for the fiscal year 2012 and said the budget was designed to bring relief to the people of Nevis.
“There is something in this Budget for every Nevisian. For the poor, we continue to improve community services, expand affordable housing and provide financial assistance to the elderly and disabled,” said the Hon. Joseph Parry.
He assured Nevisians that the Budget would provide financial assistance to pursue tertiary education and job creation opportunities for the young, expenditure on health, education for workers and provide tax incentives for small businesses.
For businesses in general, the Premier stated that the Nevis Reformation Party (NRP)-led Administration would continue to modernize infrastructure to accelerate education and skills training.
Capital investment projects are budgeted for $51.8 million. Among the projects included will be the Fisheries Biodiversity Project, a Urology Centre with a recovery room and an upgraded Intensive Care Unit (ICU) at the Alexandria Hospital, the Hamilton-Government Road and a Dialysis Unit.
In terms of Revenue, the Premier said the Ministry of Finance expected to collect from the Customs Department $40.39 million, Inland Revenue $58.38million and Value Added Tax (VAT) $36.06 million.
Development aid or grants are also part of the Revenue Budget.
In addition, other taxes including Social Service Levy, Stamp Duties and Import Duties will remain notable sources of funding for the Administration.
The 2012 Budget Debate continued on Monday, December 19th at the Nevis Island Assembly Chambers at Hamilton House from 10am.
For live streaming of the Nevis Island Assembly visit www.livestream.com/ntv8.
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