
2009 Budget For St. Kitts – Nevis Is Well Received
Basseterre, St. Kitts – Nevis
December 22, 2008 (CUOPM)
The St. Kitts – Nevis Chamber of Industry and Commerce is applauding the 2009 Budget, presented nearly a week ago by Minister of Finance, Dr. the Hon. Timothy Harris.
A statement from the private-sector body said it is “the St. Kitts-Nevis Chamber of Industry and Commerce is heartened by the fact that Government’s 2009 Budget is “tax free” and does not appear to include any increases in existing taxes and levies.”
The Chamber said it considers the nature of Government’s 2009 “Tax Free” Budget “a sensible move, especially given the overwhelming evidence that some of the world’s major economies such as the United States of America, and some European countries are facing serious financial challenges which are expected to prolong well into the next 12 months. Moreover, some of the larger corporations in these developed countries are being given government bailouts in order to survive.”
The Chamber added that it is also encouraged by Government’s realisation that “our economic future rests, in large measure, on the development of our private sector which must be given as favourable an environment in which to thrive and succeed if this Country is to enjoy the spoils of development.”
It noted that a number of changes have been noted in the 2009 Budget for which the Chamber intends to seek clarification.
“Some of these include the possible introduction of unemployment insurance, “billable services” in Customs, and promised increases in (a) the cost of certain Government fees for services; and (b) pensions paid by Social Security. The level of these fee increases, and the sourcing of funds for the increased Social Security pensions and the unemployment insurance scheme are issues which the private sector body intends to raise with Government at the earliest opportunity,” said the Chamber, adding that it also intends to “seek clarification of those tax reform measures which have been proposed.”
The Chamber of Industry and Commerce noted Minister Harris’ affirmations regarding Government’s commitment to business facilitation.