CHARLESTOWN, Nevis — Hon. Mark Brantley, Premier and Minister of Finance, says he hopes citizens and residents will take advantage of a package of concessions offered by the Nevis Island Administration (NIA) and start their construction projects this year.
At a July 23 town hall meeting hosted by the NIA at the Cotton Ground Community Centre, Premier Brantley announced the details of the package, which he said is part of his government’s COVID-19 response to stimulate economic activity in the construction sector on the island.
He said the NIA recognises the economy will need further support as St. Kitts and Nevis emerges from the throes of the COVID-19 lockdown.
The fiscal incentive plan for the sector outlines a number of concessions for both individuals and businesses undertaking construction and renovation projects.
First-time homeowners will receive building materials free of Customs Duty and Service Charge, with value-added tax (VAT) only payable.
People who are renovating existing homes or businesses will also get building materials free of Customs Duty and Service Charge on materials more than $30,000, with VAT only payable.
People doing commercial or industrial construction more than EC$1 million of offices, apartments, and manufacturing plants will receive building materials free of Customs Duty and VAT. They will pay 12 percent Customs Service Charge only.
People undertaking commercial or industrial construction under EC$1 million will get building materials free of Customs Duty and Service Charge. VAT only will be payable.
To qualify for the building materials concessions, 80 percent of the workers employed on the project must be St. Kitts and Nevis citizens.
These exemptions are available only for construction that commences between July 23 and December 31, 2020.
In addition, during the Atlantic Hurricane Season, July to November 2020, generators and hurricane shutters will be exempt from Customs Duties.
Interested persons should apply to the Ministry of Finance, in the Nevis Island Administration, for the stimulus package and the concession on hurricane preparedness supplies.