St Kitts & Nevis New Year's Address by Prime Minister

2011-01-03 22:07:54 by

In his traditional New Year?s message, Prime Minister Hon. Dr. Denzil L. Douglas said that Recent fiscal measures taken to implement a debt reduction strategy that would reduce the Federation?s vulnerability to the international financial crises will also secure macroeconomic stability and lay the groundwork for enhanced growth and development.

?Firstly, The Value Added Tax has been in place in most countries in the world and in many Caribbean Countries for many years, but we are now just introducing it for the first time. In fact, the United Kingdom has recently increased its Value Added Tax to 20% in response to the crisis and in Barbados it has been increased to 17.5%.

"Secondly, notwithstanding the adjustments to our Social Services Levy, it is far less onerous than the Income Tax imposed in other Caribbean Countries and throughout the world.

"And thirdly, the increase in our electricity tariffs will barely bring our tariffs within the lower range of the tariffs prevailing around the Caribbean,? said Dr. Douglas.

The Prime Minister is also the Minister of Finance.