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HomeNewsLocal NewsPM Harris: No Introduction of Income Tax, No Increase in Corporate Taxes

PM Harris: No Introduction of Income Tax, No Increase in Corporate Taxes

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St. Kitts and Nevis (WINN): Prime Minister Dr. Timothy Harris explains that the Income Tax (Amendment) Bill 2020 does not introduce new income tax to the Federation.

“My Administration has no intention to introduce personal income tax or to increase corporate taxes, at this time… the bill merely seeks to clarify the application of taxation to ensure full compliance with international good governance standards, ” Dr. Harris told Parliament Tuesday morning (November 17).

The Bill is one of five bills slated for Parliament on Tuesday, November 17. The draft bill Income Tax (Amendment) Bill 2020 is available on WINN ‘s website www.winnmediaskn.com

“The amendment proposed will ensure that we meet our commitments  to the European Union and the Organization for Economic Cooperation and Development (OECD) and avoid the reputational damage and consequential financing implications which come with blacklisting,” said Dr. Harris while explaining that the Income-tax Amendment Bill 2020 will be circulated for discussion before it is returned to parliament.

The Five Bills on the Order Paper for Tuesday sitting are:

The COVID-19 (Prevention and Control) Bill, 2020, first reading October 15, 2020,  for its second reading.

The Income Tax (Amendment) Bill, 2020.

A National Disaster Management (Amendment) Bill, 2020 for its second reading. It had its first Reading on October 15, 2020.

Saint Christopher and Nevis (Mutual Exchange of Information in Taxation Matters (Amendment) Bill, 2020, which had its first reading on  October 15, 2020.

The second reading of the Public Health (Amendment) Bill, 2020 which had its first reading on October 15, 2020.

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