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St Kitts And Nevis Restaurants Benefit From Stimulus Package,
by Amanda Banks, Tax-News.com, London
Wednesday, July 29, 2009
The St. Kitts Investment Promotion Agency (SKIPA) has announced that the government’s
stimulus package, which entered into force on July 1, 2009, has been capitalized
on by several ‘Full Service Stand Alone Restaurants’.
The stimulus package will extend for a period of one year and allows qualifying
restaurants access to duty free importation of food and wine. It also makes
provision for a one time duty free importation of cutlery, plates, glasses,
furniture, kitchen appliances and equipment. Duty free importation requires
the importer to pay only a 12% Customs Service Charge.
The stimulus package targets full service restaurants, which traditionally
require a high level of employment. Concessions granted under the initiative
are designed to reduce overhead thus assisting owners in their efforts to maintain
employment at existing levels during the current economic slowdown.
“Although restaurateurs are permitted to import produce at a duty free
rate the programme encourages restaurateurs to purchase produce locally and
only import produce in cases where the item is not available locally. The concessions
granted on the importation of kitchen equipment and furniture are designed to
support and facilitate the restaurants that need to upgrade their facilities
in order to provide a higher quality of service,” noted SKIPS in a statement.
Access to the stimulus package is based on the restaurant’s ability to
meet set criteria which include but are not limited to having a 75% local workforce,
a wine list, full service of food and wine to set tables and being in good standing
with both Social Security and the Inland Revenue Department.
A Tax Amnesty programme, currently being operated by the Inland Revenue
Department, has provided a high level of synergy for the stimulus package, SKIPA notes. Some
restaurateurs that were behind on taxes have been able to use the tax amnesty
programme in order to qualify for the stimulus package.
The two schemes allows a ‘win-win’ situation for all parties, noted
SKIPA statement - the government is able to collect tax revenue that was owed
to them and the restaurants are giving the opportunity to benefit from the stimulus
package designed to assist them during the current economic slowdown that is
negatively affecting the tourism industry.
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