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Having decided to defer the release of the 2013 Budget, St Kitts and Nevis's Prime Minister and Minister for Finance, Denzil Douglas, has confirmed that the government intends to deliver a budget free of new taxes or tax hikes.
Making the announcement, Douglas said: "Be assured that I am determined to protect our investment climate by ensuring that we do not go through a prolonged period of uncertainty in relation to the budget for 2013."
He added: "I am able at this time to report that after several months of in-depth analysis and circumspection, the Ministry of Finance was able to prepare, for presentation to the nation, a Budget for Fiscal Year 2013 that is completely tax-free."
He said the government would be in the enviable position of being able to report that its debt to gross domestic product (GDP) ratio has fallen below 100% for the first time in recent history, from peaks above 200%, under an International Monetary Fund-supported reform program, which has included the introduction of a value-added tax regime.
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