DUTY AND TAX FREE DECEMBER- CONCESSIONS ON FOODSTUFF AND PACKAGES
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Basseterre, St. Kitts, October 25, 2017 (SKNIS): The Christmas and Carnival seasons in St. Kitts and Nevis are expected to be much brighter for residents as the government has announced duty concessions on food, gift packages and passenger allowances for the month of December.
At a press conference on Wednesday (October 25), Prime Minister and Minister of Finance Dr. the Honourable Timothy Harris expounded on the terms and conditions of the tax breaks that are to be applied from December 01 to 31, 2017.
He said that “gift packages of foodstuff are allowed, for the first 400 pounds, free of duties and taxes.” This is approximately four barrels packed with food supplies. The measure will undoubtedly be welcomed by residents as Christmas usually sees expatriates sending food packages to family and friends at home.
Additionally, Dr. Harris stated that “non-commercial travelers will receive a duty-free allowance” of EC$540 or US$200 off the Cost, Insurance and Freight (CIF) value of goods.
A similar initiative was implemented in 2016. The prime minister said that the action is “in keeping with our [his government’s] tradition of goodwill” during the Christmas and Carnival seasons.
The concessions are considered to be a part of government’s stimulus activities, which target businesses and consumers. The Discounted VAT Day measure, which sees the reduction of the Value Added Tax on many products and services on a specific day in December, also provides a stimulus to the economy.
Prime Minister Harris encouraged persons to prepare to take advantage of these tax relief initiatives.
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