Nevis News

Charlestown, Nevis
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.

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Basseterre, St. Kitts – Nevis
November 16, 2007

The Government of St. Kitts and Nevis has not made a decision about introducing a Value Added Tax (VAT) as suggested in certain quarters, but residents have been promised that they will be involved in any discussions on the matter.

Minister of State for Information the Hon. Nigel Carty told scores of young people at the National Youth Dialogue held earlier this week that a number of regional countries including Guyana, Antigua and Barbuda and St. Lucia have implemented a VAT.

He noted that government remains committed to having a simple and fair tax structure that is designed to make revenue collection more efficient. Minister Carty added that a VAT is one possible measure under consideration that could serve to eliminate any nuisance taxes.

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Charlestown, Nevis
November 15, 2007

Nevisians received word on the performance of the island’s economy, when Premier of Nevis and Minister of Finance in the Nevis Island Administration (NIA) Hon. Joseph Parry, announced that the finances were safe and doing well. He made the announcement at a sitting of the Nevis Island Assembly in Charlestown on Wednesday November 14, 2007, ahead of the 2008 Budget presentation in December.
 
Mr. Parry said he had received information from the Ministry of Finance that the island’s finances from its current account position had shown growth for the period January to October 2007, as compared to the corresponding period in 2006.
 
“Madame President, if we looked at the current expenditure for the two periods in question, January 2006 to October 2006, the expenditure was $83.89million. For this year 2007, from January to October the expenditure is $84.34 million, a difference of $449, 852. In other words we have spent half a million dollars more this year for that period than we did for last year. I must also report Madame President, for the same period when we looked at the revenue collection in this island, we had $80, 115,653 collected last year January to October. This year we have collected $85, 684,161, a difference of $5,568, 508.

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