Basseterre, St. Kitts, October 22, 2015 (SKNIS): Prime Minister of St. Kitts and Nevis Dr. the Honourable Timothy Harris has committed the Government to improve the Social Safety Net Systems at the National Consultation on the Economy on October 22, 2015.
Prime Minister Harris said that this commitment augers well with the theme of the consultation.
“In keeping with this year’s theme of Changing Lives – A Fresh Start Towards Sustainable Development, Growth and Prosperity, my Government will make a fresh start in improving our social safety net systems so that the less fortunate people in our society could also benefit from the economic gains that have been realized, as well as those we will continue to achieve under this new Administration,” he said. “Every effort must be made to ease the cost of living, where possible, but doing so in an efficient and productive manner. The Government began to address this challenge shortly after taking office. We took the necessary steps to significantly expand the list of items that would no longer be subject to VAT to include all food items, medicines and those items in relation to funeral activities.”
The Prime Minister provided proof of a reduction in the cost of living by means of a fall in the cost of food and drink.
“I am pleased to report for the first half of 2015, the food and beverage prices were down by 9.5 percent thanks in part to the removal of VAT [Value Added Tax] on food. Thanks also to a vision that speaks not just to a VAT day or two days at election time, but relief from VAT for the mass of the people every day for 365 days a year.”
The Private Sector was also encouraged to play its part in reducing living expenses.
“Our Private Sector can help with the cost of living and indeed they can do more,” he said. “And they can provide more affordable products and services. It must be part of their modus operandi that they will engage regularly in special promotions in discounts and sales that will boost their overall sales and economic activity. And as we recalibrate the government’s agenda and its incentive mechanism; that is an area in which we want the private sector to become more involved.”
The Prime Minister informed that for the year thus far, the Government had granted over $100 million to the private sector in tax concessions. “That figure I am advised by the Financial Secretary does not include exemptions from corporate taxes to tax holidays. This is a significant contribution to the Private Sector,” he said.
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