Tax relief on building materials for first time home owners

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BASSETERRE, ST. KITTS, MAY 25TH 2011 (CUOPM) – The St. Kitts and Nevis Cabinet on Monday accepted a proposal from Housing Minister, the Hon. Earl Asim Martin for a significant reduction in taxes applicable on building materials for home construction projects.

Minister of Information, Sen. the Hon. Nigel Carty said Cabinet has approved Dr. Martin’s proposal to significantly reduce taxes applicable to building materials for homes valued up to EC$400,000.

“This policy on the partial waiver of taxes is to commence very shortly and will be in effect for about 18 months,” said Sen. Carty.

He said Dr. Martin’s proposal is aimed at bringing significant relief to citizens of St. Kitts and Nevis who are intending to build a new home.

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“In introducing the proposal, Dr. Martin explained that the National Housing Corporation (NHC) would never be able to satisfy the needs of all home-owners in its attempt to provide homes for all in need, and that he was moved by the need for both low income and low middle income persons in particular, to be empowered through home-ownership,” said Sen. Carty.

Dr. Martin advised that a full package of specific information on this revolutionary housing sector improvement programme should be made available to the public as soon as possible and he encouraged as many citizens as possible to take advantage of a once-in-a-lifetime opportunity to get their homes constructed with significant tax concessions on materials purchased locally or overseas.

Chairman of Cabinet, Prime Minister and Minister of Finance Hon. Dr. Denzil L. Douglas congratulated Dr. Martin for his extraordinary leadership in the development of the housing sector and offered the full partnership of the Ministry of Finance in the reduction of taxes for the housing programme.

Dr. Douglas added that he was most pleased that a proposal which was originally conceptualised to assist public servants only has been broadened to benefit any person whose home construction project meets the outlined criteria.

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