Stimulating the economy
BASSETERRE, St. Kitts, CMC – Prime Minister Dr. Denzil Douglas Tuesday presented an EC$528.1 million (One EC dollar = US$0.37 cents) tax free budget to Parliament outlining a reduction in corporate taxes as well as extending several incentive packages that his administration had earlier implemented in a bid to stimulate the economy of the twin-island federation.
Prime Minister Douglas told Parliament, which had been boycotted by the six opposition legislators, that there would be a reduction in corporate taxes 35 to 33 per cent, an extension of the Building Materials Incentive Programme that provides for duty-free concessions on imports on building materials for home construction as well as pursue the expansion of FREESH - a soft loan arrangement for first time home builders.
In addition, the Douglas administration hopes during the fiscal year to increase land distribution and accelerate infrastructure development in land distribution areas.
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