by Devonne Cornelius
St. Kitts and Nevis (WINN): Several of the stimulus measures announced in the July 2021 stimulus package will be extended until June 2022 according to Prime Minister and Minister of Finance, the Hon. Dr. Timothy Harris.
“For 2022, as we try to help, not just individuals, but also businesses, we will extend several of the stimulus measures that we introduced and which were due to expire on the 31st of December 2021. These will be extended for six months,” the Prime Minister said.
These measures include the removal of VAT and Import Duty on additional hygiene items such as hand sanitizers, disinfectant sprays, rubbing alcohol, and latex gloves; Removal of Import Duty and Customs Service Charge on selected items including vegetables, fruits, fruit juices, cough, and cold preparations and vitamin supplements; Waiver of payments for consumption of water for individuals who have been laid off or experience a reduction in earnings due to COVID-19; Waiver of payments for the consumption of water by farmers; Reduction of the Corporate Income Tax Rate from 33 percent to 25 percent for businesses that retain at least 75 percent of their employees; and Reduction of the unincorporated tax rate to two percent down from four percent.
“We are also proposing that the 2022 estimates provide the necessary resources to support the Poverty Alleviation Programme and further capitalize the Severance Payment Fund to facilitate the payment of any additional severance claims.
In this regard, the amounts of $32.3 million and $5 million would be provided for the Poverty Alleviation Programme and the Severance Payment Fund, respectively,” the Prime Minister said.
