November 16, 2007
The Nevis Island Assembly adjourned sine die on Thursday November 15, 2007, but not before a total of seven Bills were introduced and six passed and another received its first reading. All were introduced in the name of Minister of Finance in the Nevis Island Administration (NIA) Hon. Joseph Parry. The Assembly had commenced one day before.
The Nevis Tax Administration and Procedures Ordinance, 2007 will revise and consolidate the law relating to the collection and payment of taxes and fees in the nature to taxes in the island of Nevis and to provide for related or incidental matters
The Nevis International Mutual Funds (Miscellaneous Amendments) Ordinance, 2007 was also passed. It will deal with the promotion and the development and furtherance of the financial services, Industry businesses and trades in and from Nevis and the general economy of the island.The Amendment will provide for the non application of provisions of the Securities Act 2002 to public, private and professional funds registered or recognized under the parent legislation. It will also deal with the requirement of the public, private and professional funds to keep financial records in line with best international practices and to meet the necessary disclosure obligations.
The Nevis Treasury Bills (Amendment) Ordinance, 2007 will amend the Nevis Treasury Bills Ordinance No. 5 of 1985, to make provision for treasury bills to be traded on the Eastern Caribbean Securities Exchange and Securities Market and for matters incidental thereto.
The Nevis Supplementary Appropriation (2001) Ordinance, 2007 was also passed. The Bill sanctioned further payments from the Nevis Island Consolidated Fund in excess of the amounts that were placed on the estimates for the year ending December 31, 2001.
The Nevis Supplementary Appropriation (2001) Ordinance was passed. It allowed for several sums of money incurred by the former Administration which amounted to $24,526,112 that was drawn from the Nevis Island Consolidated Fund through a warrant of the Minister of Finance in 2001, to be declared on account of the Nevis Island Administration lawful for the said financial year.
The Nevis Property Tax Ordinance received its first reading. The legislation when it becomes law, will seek to modernize the tax laws of Nevis through the introduction of market value as the valuation standard for most properties on the island.
The Ordinance which sailed through the Assembly was the first major piece of legislation to deal with property tax since 1913.
On Wednesday November 14, 2007, the Nevis Supplementary Appropriation (1998) Ordinance, 2007 was passed. It made lawful the sum of $10,614,858 which had been expended during 1998 by the government of the day through a warrant from its Finance Minister.
The Nevis Supplementary Appropriation (1999) Ordinance, 2007 was also passed. It made lawful the sum of $8,232,787 which was drawn under a warrant by the then Minister of Finance from the Nevis Island Consolidated Fund during 1999.
The Nevis Supplementary Appropriation (2000) Ordinance, 2007 was the final bill passed on Wednesday November 14, 2007. It made lawful the sum of $13,819,451 which was which was drawn under a warrant by the then Minister of Finance during 2000 from the Nevis island Consolidated Fund.