St Kitts presents stimulus budget

BASSETERRE, St Kitts— Prime Minister Dr Denzil Douglas Tuesday presented an EC$528.1 million 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. He said that six investment projects had been approved valued at EC$300 million as a further stimulus for the local economy over the next five to seven years.