Tax concessions on building materials for first time homeowners extended
BASSETERRE, ST. KITTS, JULY 22ND 2013 (CUOPM) – Government’s policy of providing an opportunity for first-time home owners to construct their own homes at relatively low cost has been extended to December this year.
This was disclosed by Minister of Information, Sen. the Hon. Nigel Carty who noted that the policy of tax concession on building materials for residential construction purposes, first introduced in 2010, is aimed at boosting growth in the construction sector.
“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 Mr. Carty.
He disclosed that at the recent Cabinet meeting, the Rt. Hon. Prime Minister and Minister of Finance, Dr. Denzil Douglas, expressed tremendous pride and satisfaction in seeing the government’s policy assist nearly 400 new homeowners over the last two years who have been able to benefit from this progressive policy of the Labour Party government.
“The Hon. Prime Minister revealed that there were still many families waiting to take advantage of the tax concession policy on building materials and therefore urged the Cabinet to support its further extension until December 2013. Cabinet was pleased to support the Prime Minister’s proposal,” said Minister Carty.