NIA announces stimulus package for the construction sector in Nevis
NIA CHARLESTOWN NEVIS (July 24, 2020) — Hon. Mark Brantley, Premier and Minister of Finance, says he hopes citizens and residents will take advantage of a package of concessions offered by the Nevis Island Administration (NIA) and start their construction projects this year.
At a town hall meeting hosted by the NIA on Thursday, July 23, 2020, at the Cotton Ground Community Centre, Premier Brantley announced the details of the package, which he said is part of his government’s COVID-19 response to stimulate economic activity in the construction sector on the island.
He said the NIA recognises the economy would need further support as St. Kitts and Nevis emerges from the throes of the COVID-19 lockdown.
The fiscal incentive plan for the sector outlines a number of concessions for both individuals and businesses undertaking construction and renovation projects.
First time home owners will get building materials free of Customs Duty and Service Charge, with value-added tax (VAT) only payable.
Persons renovating existing homes or businesses will also get building materials free of Customs Duty and Service Charge on materials more than $30,000, with VAT only payable.
Persons undertaking commercial or industrial construction such as offices, apartments, and manufacturing plants more than EC$1 million will get building materials free of Customs Duty and VAT. They will pay 12 percent Customs Service Charge only.
Persons undertaking commercial or industrial construction under EC$1 million will get building materials free of Customs Duty and Service Charge. VAT only will be payable.
In order to qualify for the concessions on building materials, 80 percent of the workers employed on the project must be citizens of St. Kitts and Nevis.
These exemptions are available only for construction that commences between July 23 and December 31, 2020.
In addition, during the Atlantic Hurricane Season, July to November 2020, generators and hurricane shutters will be exempted from Customs Duties.
Interested persons should apply to the Ministry of Finance, in the Nevis Island Administration, for the stimulus package and the concession on hurricane preparedness supplies.