St Kitts Self-Builders to Benefit from Tax Relief
03 June 2011
Those considering building a property in St Kitts will be pleased to learn that the St Kitts and Nevis cabinet has just accepted the proposal of housing minister Earl Asim Martin for tax relief on building materials used on the construction of housing.
According to the information minister Nigel Carty the reduced rates will only apply to the construction of homes worth up to $400,000.
"This policy on the partial waiver of taxes is to commence very shortly and will be in effect for about 18 months," said Carty, adding that the proposal is aimed at helping citizens looking to build a home.
"In introducing the proposal, Dr. Martin explained that the National Housing Corporation (NHC) would never be able to satisfy the needs of all home-owners in its attempt to provide homes for all in need, and that he was moved by the need for both low income and low middle income persons in particular, to be empowered through home-ownership," said Sen. Carty.
Meanwhile Martin suggested that there be a major push to inform the public of the tax relief so that no one misses out on the chance to build their homes at a significant saving.
Chairman of Cabinet, Prime Minister and Minister of Finance Hon. Dr. Denzil L. Douglas congratulated Dr. Martin for his extraordinary leadership in the development of the housing sector and offered the full partnership of the Ministry of Finance in the reduction of taxes for the housing programme.
Dr. Douglas added that he was most pleased that a proposal which was originally conceptualised to assist public servants only has been broadened to benefit any person whose home construction project meets the outlined criteria.