HEADLINES

Chamber Expects Robust Year End Sales Activity and Signficant Boost in Economy Due to the Team UNITY Christmas/Carnival Double Salary Stimulus Package

Prime Minister Dr. Timothy Harris in discussion with CIC President and Honorary Counsul to Mexico Mr Jose Rosa

 

 

Basseterre, St.Kitts (November 24th 2016):- The Private Sector Umbrella group the Chamber of Industry and Commerce are expecting robust sales activity in December as well as an overall boost in the St.Kitts-Nevis economy. This as a result of the recently announced Christmas/Sugar Mas Stimulus Package announced by Prime Minister Dr. Timothy Harris in a recent address to the Nation.

In his address the Prime Minister announced an extra months salary to all civil servants as a result of the government’s outstanding fiscal surplus performance over the last two years. Harris stated, “All three of our fiscal accounts: the recurrent, overall and primary accounts have been in surplus from January to October. “

The Double Salary is expected to pump some $30 million into the economy during the December period.

President of the Chamber of Industry and Commerce Mr. Jose Rosa told local media that his members were optimistic for  robust VAT Day Sales activity on December 16th .  Rosa, who is also the Federation’s first Honorary Counsel to Mexico also stated that  the additional economic package that the government has announced  should be able to boost the economy.

He said “Everybody on the island, the retailers everyone, are waiting for that day and they are expecting to have the same level of sales as last year or even more.”

Businesses reported that The Single VAT Day in 2015 exceeded the 2 Day VAT Day Sales combined in each of the prior years in 2014 and 2013.

Prime Minister Harris in his address also announced duty-free and tax-free allowances on gift packages of foodstuff on the first 400 pounds starting on 9th December running to the 31st December. Also for the same period, travellers will be allowed duty-free allowance up to $540 off the CIF value.

Further, stand-alone restaurant operators can access duty-free concessions, applicable every five years, for the purchase of food and wine, restaurant equipment, cutlery, and glassware.

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