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Saint Kitts and Nevis expects that tax revenue will have increased by 7.8 percent in 2014, compared with 2013 levels, after numerous reforms to put the territory's fiscal house in order in recent years.
The announcement was made by the Federation's Prime Minister, Denzil Douglas, during the presentation of the 2015 Budget.
Presenting a tax-free Budget, the Government said the 2015 Budget is intended to maintain a prudent fiscal stance.
Douglas said: "Our Medium-Term Debt Management Strategy was first laid before this Honorable House in April 2013 and covered the period 2013 – 2015. Since then, we have made significant progress..."
"We will continue to be judicious in our plans for expansion in expenditure and recognize the need for reasonable increases in capital spending to stimulate growth."
He said income from the Citizenship by Investment Program continues to have a strong influence on non-tax revenue, although it is expected that revenues will fall below 2013 levels (by XCD300,000, or USD111,000).
The territory's deficit has fallen considerably since the onset of the financial crisis. In 2009, St Kitts and Nevis's public debt stood at 185 percent of gross domestic product (GDP) placing it among the world's most indebted territories relative to the size of its economy. Following the implementation of a value-added tax, considerable tax reform, and debt restructuring, the territory's public debt-to-GDP ratio has fallen into double figures, enabling a tax-lite Budget this year.
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