Nevis Economy Strong For Early Part Of 2008

Nevis Budget - Fiscal Year 2021

Money - Dollars

Nevis Island Financially Strong

Charlestown, Nevis
May 30, 2008

Nevis has recorded a surplus for the first four months of 2008. Premier and Minister of Finance in the Nevis Island Administration (NIA) Hon. Joseph Parry made the disclosure on May 29, 2008 on NTV Channel 8, in report on the island’s financial status.

“In the first four months for the year, that is January, February, March and April. In the month of April we had total revenue collected at $12,979,372. that compares against  a total expenditure of $8,370,463. giving us a total surplus of $4,608,909.

If I compare the first four months of last year to the first four months of this year, it would read as follows: At the end of April last year, there was a total deficit of $7,986,930. for this year for the first four months of the year an overall surplus of $2,902,235,” he said.

The Finance Minister said the surplus under the Nevis Reformation Led Administration, was an indication of the strong financial status of Nevis, a situation envious by any Caribbean government and in the world.

Notwithstanding, Mr. Parry gave the undertaking that the government would continue to exercise financial prudence.

“What this means that we are in a very strong position financially for the first four months of the year and let me explain this. We are not only in surplus in terms of current expenditure and revenue but we have an overall surplus when we give account of capital expenditure and revenue.

“That is a very strong and healthy position that any government in the Caribbean and any government in the world would like to be in. I assure you that we will continue to exercise financial prudence to make sure that the finances of this government and the country are in order,” he said.

Mr. Parry said he was pleased to report the financial situation to the public because it was useful to know what was happening with regard to government finances. He said there was a concerted effort at the last sitting of the Nevis Island Assembly to give the impression that the state of the finances was less than healthy and it behooved him to report on the situation.

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Nevis Minister Supports Company Ordinance Bill legislation

Charlestown,Nevis
March 05, 2008

Minister of Land and Housing in the Nevis Island Administration (NIA) the Hon. Robelto Hector supported a Bill to amend the Company Ordinance of 1999, in a stated position made during the Nevis Island Assembly held on Thursday 28th February 2008.
 
Mr. Hector said he supported the Bill and was happy that the Mover of the Bill came before Parliament to seek support of his government ministers for stamp duties to be paid when shares are transferred.
 
The Bill as it stood required for amendments to be made to the 1999 Company Ordinance and Section 7 of the Amendment was used which showed where a $250 fee would be sought instead of the 1999 Bill that stipulated a $50 charged fee.

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Nevis Passes New Legislation For Investment Promotion

Charlestown, Nevis
February 29, 2008

Junior Minister responsible for Trade and Industry, Hon. Dwight Cozier, supported the Amended Investment Improvement Agency Bill which was passed, in the Nevis Island Assembly, on Thursday 28th February 2008.
 
The Nevis Investment Promotion Agency (NIPA) Ordinance 2008 would encourage increased investment provided by a solid legal framework designed for investor’s protection and for their understanding of the relevant laws of Nevis.
 
Mr. Cozier gave credit to the Nevis Reformation Party (NRP) for its committed support for Private Sector Investment and described the previous legislation as one which did not address the needs of Nevis.
 
“The old Act of 1987 did not address Nevis.  It assumed that both islands would choose to undertake Invest Promotion’s jointly.  However, the new Initiative provided effective policy and a regulatory framework for separate Investment Code and Legislation for both Islands; he said the Bill provided an avenue for business to be conducted more easily.”

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