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St Kitts And Nevis Plans Tax-Free Budget

by Amanda Banks, Tax-News.com, London

14 December 2012

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.

TAGS: tax | investment | fiscal policy | international financial centres (IFC) | budget | offshore | Saint Kitts and Nevis

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