Above: a home constructed under the NHC and Civl Service Home Mortgage Development Bank in St Kitts (Photo: CUOPM)
By the Caribbean Journal staff
A new plan to promote home construction in St Kitts and Nevis has already approved 100 applicants, according to Prime Minister Dr Denzil Douglas.
The plan involves the removal of taxes on duties and customs service charges on building materials, up to $148,148.
“In order to stimulate the economy as well as expand our unprecedented programme of home ownership, we have unveiled a Building Materials Incentive Programme specifically to aid those who are interested [in] home building,” Douglas said.
Under the plan, which applies only to citizen, all duties and customs service charges up to approximately $148,148 in private-home building supplies are removed throughout 2012.
Taxes exempted under the tax holiday include all import duties and custom service charges, although VAT is still payable.