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St Kitts To Waive Tax On Clean Tech Sector

by Amanda Banks,, London

21 June 2012

Caribbean territory, Saint Kitts and Nevis is set to introduce new tax exemptions on a range of alternative energy-generating and energy efficiency equipment.

According to a statement from the government on June 19, the island's Cabinet has now adopted a proposal drafted to support efforts to encourage the production and use of sustainable, clean, and more affordable energy.

In submitting the proposal, the island's Prime Minister and Finance Minister Denzil Douglas said that although the government has no control over the price of petroleum-based energy products, a lot could be done to reduce the cost of energy to the local population by spurring the development and use of alternative energy technologies.

According to Douglas, the Cabinet has approved a waiver of Import Duty and Customer Service Charge on the following items: solar Photovoltaic panels and ancillary equipment for generating electricity; hydrogen fuel cells and ancillary equipment; wind turbines and ancillary equipment; energy-saving bulbs including LED bulbs; solar water heaters and tanks; solar air conditioning units and other approved related equipment.

To support the sector's development, the government has this month been in discussions regarding the possibility of establishing a solar panel manufacturing plant in Saint Kitts and has installed solar panel units in government buildings. The government has also committed to using such technology in future low-income housing constructed by the National Housing Corporation.

TAGS: environment | tax | sales tax | energy | international financial centres (IFC) | offshore | manufacturing | Saint Kitts and Nevis | tax breaks | import duty

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