Over 100 applications already approved under the Building Materials Investment Programme
Homes constructed under the NHC and Civil Service Home Mortgage Development Bank
BASSETERRE, ST. KITTS, JANUARY 13TH 2012 (CUOPM) – Some 100 potential new homeowners have received approval to construct their own homes under the Buildings Materials Investment Programme (BMIP) announced by Prime Minister the Rt. Hon. Dr. Denzil L. Douglas.
“One hundred applications have been approved to date. We have several other applications before us for approval,” said Theresa Morris of the Federal Ministry of Finance.
“In order to both stimulate the economy as well as expand our unprecedented programme of home-ownership, we have unveiled a Building Materials Investment Programme specifically to aid those who are interested home-building. And what this will do is remove all duties and customs service charges from up to EC$400,000 in private-home building supplies, purchased by any citizen, throughout all of 2012,” said Prime Minister Douglas during his first radio programme “Ask the Prime Minister” for 2012.
The taxes exempted under the tax holiday for local home builders include all Import Duties (usually taxed at rates ranging from 5% to 25%) and Customs Service Charges (usually taxed at rates ranging from 6% to 12%). VAT is still payable. The exemption applies to the first EC$400,000 (US$150,000) of building materials (CIF if materials imported by self).
Forms are available and procedures to be followed are on the website of the Office of the Prime Minister at www.cuopm.com. Just click on the Economic Stimulus Packages.
The following information is available
Procedure for citizens to utilize the BMIP:
1. Obtain and complete the “APPLICATION FOR DUTY-FREE CONCESSIONS ON BUILDING MATERIALS”.
2. Submit the completed form to Theresa Morris at the Ministry of Finance. Items to be submitted with the application form:
a. A certified copy of the Commencement Certificate issued by the Development Control and Planning Board.
b. Your “Bill of Quantities” (list of the materials required for the construction, usually provided by your contractor)
3. Your application will take three to five working days to be processed by which time you will know whether your application has been approved. If your application is approved, you will receive a letter of approval and a copy will be sent to the Customs and Excise Department. The concession applies to building materials purchased locally or imported by successful applicants. Successful applicants present their letter of approval to local merchants for the exemption.
For importation of building materials, citizens approved to participate in the BMIP can consult with the Customs and Excise Department at Bird Rock (467-1077/78) for further details related to importation and how the VAT is calculated and applied.
All applications to benefit from the BMIP should be made and all purchases/imports completed by December 31, 2012. For more information please contact Theresa Morris at the Ministry of Finance via telephone: +1 869 467 1240 or via e-mail: email@example.com. Offer expires December 2012.
Since taking office in July 1995, the St. Kitts-Nevis Labour Party Administration has constructed over 4,000 homes under various programmes of the National Housing Corporation (NHC) and the Development Bank of St. Kitts and Nevis Scheme.