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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