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New Tax Break For St Kitts And Nevis Contractors,
by Phillip Morton, Investors Offshore.com
Friday, September 11, 2009
St. Kitts-Nevis has approved a new incentive package for real estate contractors,
which the government believes will cut nearly 10% of labour costs in the
construction industry.
“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,” said Minister Carty in the
post Cabinet Brief on September 8, following the measure's adoption.
He explained that the new package will reduce labour costs on construction
projects 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,” said Minister
Carty.
The government has recently provided various support measures to stimulate
various areas of the economy, including most recently a package to support hoteliers.
“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,” concluded Carty.
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