Thursday February 22 2007
Sun St. Kitts – Nevis
Officials of the Ministry of Finance, in particular, the Inland Revenue Department (IRD) are still wrestling with finding a rate for the new property tax.
At the start of this month, the IRD caught the interest of property owners when it announced that the new property tax would be reduced from five per cent on the rental value to less than one per cent of the market value.
At a press conference days later, the Prime Minister Dr. Denzil Douglas further disclosed that the new tax rate would be less than 0.5 per cent.
Still, at that time, an exact figure was not given. The government has repeatedly made it clear that the new rate would not create hardship and burden, but rather it was a means of ensuring that all property owners were assessed fairly.