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Today’s Top Headlines

Saint Kitts And Nevis Expands VAT Exemptions

by Mike Godfrey,, Washington

30 March 2015

Caribbean territory Saint Kitts and Nevis's new government has announced that it is to remove value-added tax (VAT) on food, medicine, and funeral expenses.

The measure was announced by the newly elected Team Unity Party, and the change will become effective from April 7, 2015.

VAT was introduced in 2010 by the former administration and was crucial in stabilizing the territory's finances and economy. The new tax breaks expand the scope of the territory's exemptions, which had already applied to bread, flour, fuel, infant formula, disposable diapers, milk, oats, rice, and sugar, among other items.

Announcing the tax cut, the territory's new Prime Minister, Timothy Harris, said: "We believe that the road to prosperity means money in your pockets to save, to spend or to invest…low taxes are good for economic growth… Not only will this ease the tax burden on families in our federation, it will stimulate economic activity which will create employment opportunities for many. Team Unity promised a better way, we promised prosperity for all and this initiative represents a fresh start on that new journey. We will deliver on our commitment to relieve our people of the burden of VAT on essential items like medicines and funeral expenses."

TAGS: tax | investment | value added tax (VAT) | tax incentives | international financial centres (IFC) | offshore | Saint Kitts and Nevis | tax breaks

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