First Time Homeowners In St. Kitts And Nevis Continue To Benefit From Duty Free Concessions On Building Materials
BASSETERRE, St. Kitts, March 23, 2021 (Press Unit in the Office of the Prime Minister) – More and more persons in St. Kitts and Nevis are taking advantage of the significant duty free concessions being offered as part of the Government’s First Time Homeowners Mortgage Programme.
While addressing the nation at his monthly press conference earlier today (Thursday, March 23), Prime Minister Dr. the Honourable Timothy Harris stated that more than 40 persons have been approved for the waiver of duty on construction materials for their home.
“My Government continues to support our people who are constructing their first home through the First Time Homeowners Mortgage Programme. Under this programme, qualified applicants are granted a significant waiver of duty on construction materials for their home. For the year so far, 41 persons have benefited from duty free concessions,” Prime Minister Harris said.
The honourable prime minister noted that a total of 151 persons received duty free on building materials totaling $26.2 million in 2020.
Prime Minister Harris said his Team Unity administration recognizes the importance of persons owning homes and will do all in its power to ensure that the nation’s housing needs are met.
The prime minister said, “We are doing all we can to help persons build their homes, increase their stake in our Country and create jobs and improve the business climate.”
Through the programme for first-time homeowners, persons are granted exemptions from Import Duty and Customs Service Charge (CSC) on building materials up to a maximum value of $400,000. Any amount in excess of this value is subjected to the regular taxes and duties. The concession applies to building materials whether imported or purchased locally.