St Kitts & Nevis Budget Welcomed By Private Sector

by Amanda Banks, Tax-News.com, London

01 March 2005

Private sector organisations have welcomed the decision by St Kitts & Nevis Prime Minister and Minster of Finance Dr Denzil Douglas to leave taxes on hold in last week’s 2005 budget.

According to a report by the Caribbean Media Corporation, the St. Kitts & Nevis Chamber of Industry and Commerce has given its broad support to the measures announced by Dr Douglas, noting that they will: "facilitate the levels of growth and economic activity necessary to propel our Federation into international competitiveness".

However, the Chamber raised concerns over the level of national debt, and has urged the government to undertake its privatization programme in a responsible manner.

“The organisation is certain that the strategy can only be fruitful if Government consistently maintains its focus on its objectives to reduce our national debt. The Chamber also trusts that the Privatization and Commercialization Programme that forms part of the debt reduction strategy be executed in a manner that is transparent," it stated.

Although Dr Douglas has conceded that the national debt is in need of reduction, he revealed in his budget speech that that the Inland Revenue Department had seen a steady increase in revenue collections, which has precluded the need for either increases in current taxes, or the re-introduction of personal income tax.

Recommended