- The National Assembly of St. Kitts and Nevis has approved a resolution for VAT reduction measures.
- The resolution aims to provide financial relief to the people of St. Kitts and Nevis.
- The VAT rate will be reduced to 5% on December 15th and 16th, 2023.
- From September 19th, 2023 to December 31st, 2024, the VAT rate on eligible building materials for first-time homeowners and home renovations and repairs will be reduced to 13%.
- The Prime Minister, Dr. Terrance Drew, believes these measures will stimulate the economy and boost home ownership.
- The government acknowledges the impact on government revenue but expects significant benefits from the decision.
- The National Bank has initiatives to provide affordable mortgages for first-time homeowners.
- The government has started a Housing Revolution with the construction of model homes.
- The resolution received full support from Members of Parliament.
Source: thestkittsnevisobserver.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
