St Kitts & Nevis to extend tax breaks to first time home owners

The St. Kitts & Nevis government says it will extend the tax breaks granted to first time home owners as its seeks to boost growth in the construction sector and stimulate the local economy.

“Over the last two and a half years, government has extended the policy which was originally due to come to an end in April of 2012. Since then, this policy to assist poor and middle class families has been further extended on two occasions and ought to have expired in July 2013,” said Information Minister Nigel Carty.

Carty said the policy of tax breaks on building materials is aimed at boosting growth in the construction sector and that nearly 400 new homeowners over the last two years had been able to benefit from the policy.

He quoted Prime Minister who also happens to hold the Finance portfolio, Denzil Douglas as saying that there were still many families waiting to take advantage of the tax breaks policy. As a result, he said Prime Minister Douglas had urged Cabinet to support its further extension until December 2013. -(CMC)