Expat Homeowners To Now Pay Taxes
January 5th, 2009
The Premier of Nevis, the Hon. Joseph Parry and his Nevis Reformation Party (NRP) led Government will place greater emphasis in 2009 on ensuring that Nevis is less dependent on external economic forces. The NRP led government plans to accomplish this with Tax Collection, Investment in Agriculture, Geothermal energy resource, exploration and development.
During the Premier’s 2009 New Year’s Message, he urged all Banking, Financial institutions and telecommunications companies on Nevis, to pay the islands share of taxes to the Nevis Treasury in 2009.
“We anticipate that by the end of 2009, all banking and financial institutions which make a profit by doing business on the island of Nevis will return what is due to the people of Nevis.”
The Premier declared that he appreciates the great service of LIME (A subsidiary of Cable & Wireless) has given to the people of Nevis.
Presently, the NRP led Government has been having discussions with LIME(Cable and Wireless) in a bid to get the telecommunications company to pay their share of taxes due to the Island , a development which will bring growth to the Treasury and greater financial independence to Nevis.
The Premier commended the Ministry of Finance for doing a great job in 2008. He also expressed his satisfaction, as he noted that property taxes will now be paid by some expatriate home owners for the first in the history of Nevis.
In discussing Agriculture in 2009, Premier Parry said he anticipates a continued growth in food and meat production and the resurgence of the Cotton Industry.
“We also anticipate the re-emergence of the Fisheries Division and the development of agro-processed food as we bring the small agro-processing plant into production.”
On the issue of geothermal energy resource development, Premier Parry stated that by the end of January, 2009 the terms and conditions of a contractual agreement with the geothermal exploration company, West Indies Power will be made public. The items that will be covered in the agreement include:
Royalties for the Government, Equity participation of Government, Profit sharing and a fund to finance Education, Health and Youth Affairs on the island of Nevis.
With a view to provide Nevis with geothermal power in the first part of the year 2010, the first geothermal plant will be constructed later this year.
“I am confident that we will overcome whatever hurdles we face during the course of this year, and by the year’s end we would be stronger ,healthier and even in a better position economically,” Premier Parry concluded.