Cabinet Approves Concessions for Small Businesses

 

These businesses included small manufacturers, services-oriented businesses, information and technology-related businesses, and heavy equipment operations.

According to a Post Cabinet briefing, Minister of Finance, Dr. Denzil Douglas, re-emphasized government’s commitment to a fiscal consolidation programme geared towards achieving improved fiscal stability and sustainability.

The Minister advised, “It was critical for government to continue to meet its obligations to provide essential goods and services for the welfare of our people and the good governance of the country.”

He further stated that, “St. Kitts and Nevis must in the future build for itself a stronger fiscal and economic position to continue to secure significant social advancement for our society. In this regard, the streamlining of our regime of tax concessions and the implementation of the Value-Added Tax (VAT) are decisive elements of our medium to long-term plan.”

It was also revealed that Cabinet agreed that it was important to ensure that all applications for tax concessions fell within the ambit of one of the relevant laws under which such January 18, 2011 Post-Cabinet Briefing Office of the Minister of Information concessions might be obtained.

“The concessions awarded are intended to strengthen key sectors of the economy thereby creating employment, economic growth, and wealth for local investors. Cabinet pledges to continue to give its supporting this regard,” the briefing stated.

 

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