Nevis, West Indies. ?A Non-Tourist-Trap? Blog About Nevis.

PM Douglas and Commissioner Kentwell
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
March 08, 2010 (CUOPM)

The existence of the necessary regulatory and supervisory institutions augurs well for the overall development of the Federation’s financial services industry, St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas said on Friday.

Signing a Tax Information Agreement with Australia, Prime Minister Douglas noted that one of the new planks of the economy of St. Kitts and Nevis is financial services and St. Kitts and Nevis wants to ensure compliance with international standards of transparency and appropriate accountability.

“We are very pleased as a country to come to a point where we feel comfortable that what we are doing here today will be to the benefit of those in Australia and those here in St. Kitts and Nevis,” said Prime Minister Douglas.

Australia’s Non-Resident High Commissioner to St. Kitts and Nevis, His Excellency Philip Kentwell said he has been observing from his Port of Spain, Trinidad office, that St. Kitts and Nevis, under the leadership of Prime Minister Hon. Dr. Denzil L. Douglas, has been taking several initiatives on the issue of tax information agreements.

“I want to congratulate your Government for the leadership in that direction, because as we appreciate, the whole financial services industry is one which we need to ensure is managed carefully to encourage the confidence and this agreement between our two countries is going to further strengthen the relationship that we already enjoy,” said the Australian official.

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Security Systems To Fight Crime Will Be Duty Free

Charlestown, Nevis
December 10, 2009

Premier of Nevis and Minister of Finance Hon. Joseph Parry said while no new taxes would be introduced by the Nevis Island Administration in 2010, its focus would be on improving the efficiency of the tax system.

Mr. Parry made announcement when he delivered the 2010 Budget Address at the Nevis Island Assembly on Wednesday.

He pointed to a number of initiatives that the NIA had introduced to alleviate poverty and assist the business sector to buffer against the impact of the world recession.

They included the removal of duties on basic food items that gave relief to vulnerable groups; the provision of duty free concessions to small business operators on vehicles and equipment; hotels and villas were given duty free concessions on refurbishment of their properties and small hotel operators and restaurants affected by the fall off in tourism arrivals, had been given duty free relief on the purchase of food and wines.

However, the Premier said while those initiatives would continue in 2010, new ones would be added.

“Effective from January 01, 2010, we will grant duty free concession on electronic security systems to encourage businesses and home owners to protect their properties from criminals.

“With the increase in break-ins that have occurred over the years, there is need for our people to become more vigilant and install alarm systems and security cameras where possible. This will go a long way in assisting the police and in curtailing criminal activities,” he said.

The Premier also spoke of the Administration’s long term strategy to promote Nevis as a green destination and its energy conservation efforts.

“We will grant duty free concession on the implementation of solar water heaters and wind turbines. The cost of energy from fossil fuel is expected to rise significantly in the future and thus we must encourage our people to pursue alternative and environmentally friendly sources of energy,” he said.

With regard to the improved efficiency of the tax collection system, Mr. Parry disclosed that the NIA was collaborating with the Federal Government to explore the possibility of the introduction of the Value Added Tax (VAT).

He explained that VAT would increase tax coverage and replace several other taxes among them Trades Tax, Hotel Room Tax, Travel Tax, Vehicle Rental Tax, Insurance Premium Fee, Parcel Tax, Consumption tax and Export Duty.

It would also bring all of those taxes under one legislative and administrative framework and management and enforcement would be easier. The introduction of VAT, Mr Parry said, would allow for more effort to be expended on collections.

The Finance Minister said base on the experience of other Caribbean countries, the VAT had the potential to generate additional revenue, reduce the cost of living and bring greater equity to tax assessments on individuals and businesses.

“Presently, my government has three officers working full time in St. Kitts along with officials from CARTAC and the St. Kitts Ministry of Finance undertaking research work and getting a better understanding of the system. When the preliminary work is completed and the administrative issues between St. Kitts and Nevis are resolved, a final decision will be made on the implementation of VAT,” he said.

Related posts:

1. St. Kitts – Nevis Government Monitors Food Prices
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3. St. Kitts – Nevis To Discuss Duty Free Policy
4. Nevis Government Launches 1st Small Business Week
5. New School Year Brings Changes For Nevis Education System

Nevis Premier – Joesph Parry

Charlestown, Nevis
December 08, 2009

Premier of Nevis Hon. Joseph Parry gave the assurance on Monday that the Nevis Island Administration stood ready to continue to work with the private sector.

The remark came when in the wake of legislation passed in the Nevis Island Assembly on Monday that cleared the way for the acquisition of the assets of the Caribbean Cable Communications a foreign owned company which began operations in Nevis 23 years ago.

“The government has stated its willingness again and again to work with the private sector.  The government has had its challenges with Tower Hill Estates, a property which was acquired under unusual circumstances in a way that allowed no taxes to be paid to the government.

“The government has worked patiently with the new owner of Tower Hill to have the matter rectified,” he said.

The Premier also referred to a land deal made by a previous Administration which had to be rectified since the sitting NIA took office.

He explained that in 2005, the Concerned Citizens Movement (CCM) allowed 600 acres of the island’s best land in the Pinney’s area, to be sold to the Canadian company Newfound for hotel and villa development.

The people of Nevis were informed that a five- star Hotel called DeVere out of England, would be built but when the property was investigated, it was discovered that it was only a three-star chain hotel.  The company went bankrupt shortly after.

“The CCM government surrendered title to Newfound before they were fully paid.  Yet, they allowed themselves to make financial arrangement with a company in Trinidad, for a loan which allowed no payment on principle for a specific period and with full interest on the principle for the same period, until the loan was paid in full at the end of the loan period.

“The NRP government came to power in 2006 and negotiated terms with Newfound and recovered 172 acres of land for the people of Nevis.  Additionally, all historical sites were declared crown lands,” he said.

Mr. Parry said that a number of investors had shown their willingness to work with the NIA led by the Nevis Reformation Party and pointed to the construction of an upscale shopping centre with a group from New York named NAMDAR. That project is slated to commence by year end.

He also spoke to the successful negotiations the NIA had concluded with another private sector company, West Indies Power (WIP) to harness geothermal energy by late 2010.

“All these activities were criticized by the CCM.  They claim that the NRP led Government was selling out Nevis,” he said.

With regard to a public comment made in the media recently, Mr. Parry said that the government of Nevis had shown again and again its good relationship with major corporate citizens on the island including LIME, Digicel, TDC and the Four Seasons Resort.

“Regardless of comments of a negative nature this government will continue to do everything in its power to work with the private sector and to promote policies and programs that will redound to the benefit of all the people of the island,” he said.

In conclusion the Premier said that every effort would be made with regard to the acquisition of the CCC to have the matter resolved in an amicable and peacefully manner.

He said he and his government wished to assure the public that the process of acquisition set out the road map for the proper compensation of assets own by the shareholders of CCC.

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2. Government and Private Sector Partnership Important To Nevis’ Future Prosperity
3. St. Kitts – Nevis Private Housing Sector Is Healthy
4. PM Douglas Highlights Private Sector Housing Programs
5. Private Sector Vital To Nevis Economy