Basseterre, St. Kitts – Nevis
December 18th, 2007 (CUOPM)
The Federal Government of St. Kitts and Nevis realized EC$386.3 million in Total Recurrent Revenue, exceeding the EC$339.5 million that was recorded in 2005 by EC$46.8 million or 13.8 percent.
This has been disclosed by St. Kitts and Nevis Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas, who stated that all categories of Recurrent Revenue reflected an increase over the previous year with the exception of Taxes on Income which was EC$5.0 million or 5.4 percent less than the EC$91.7 million that was reported in 2005.
Significant increases were, however, recorded in Taxes on Domestic Goods and Consumption which grew by EC$23.7 million and Non-Tax Revenue which rose by EC$22.1 million.
Dr. Douglas said that the growth in Recurrent Revenue was mainly due to the collection of stamp duty from the private sale of lands, mostly on the South East Peninsula and the introduction of the electricity fuel surcharge.