Tax And Financial Services Given Priority In 2005 St Kitts And Nevis Budget

by Amanda Banks, Tax-News.com, London

20 January 2005

Financial services and taxation will be two subjects figuring prominently in next month’s St Kitts and Nevis 2005 government budget, Prime Minister and Minister of Finance Denzil Douglas has announced.

Outlining what he considered the crucial issues that need tackling in the budget, Douglas stated that the development of the international financial services sector offered major opportunities for economic diversification and growth, and the jurisdiction should seek to build on what has already been achieved.

“We have introduced a range of products including segregated companies, ship registration facilities and foundations and continue to actively market our financial services products,” he noted.

There is also a strong possibility that fresh tax measures will be announced as Mr Douglas announced a review of the jurisdiction’s tax system and a consultation with the private sector on future fiscal reforms.

“Tighter expenditure control and improvement in tax administration are areas that we must continue to pursue vigorously as a government,” the Prime Minister stated.

“This includes the fiscal stabilisation programme which we have been engaged in over the past two years and through the implementation of a privatisation and commercialisation programme,” he added.

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