Basseterre, St. Kitts (SKNIS): In his 2024 Budget Address in the National Assembly on December 13, 2023, Prime Minister of St. Kitts and Nevis, the Honourable Dr Terrance Drew, reaffirmed the government’s decision not to introduce new taxes in the upcoming fiscal year.
This decision aligns with the stance presented in his maiden Budget Address last December and continues to demonstrate the government’s dedication to a stable and predictable fiscal environment for its citizens and businesses.
“Our government is not proposing the introduction of any new taxes at this time. We are, however, making progress in terms of the comprehensive review of the tax regime,” said Prime Minister Dr. Drew.
Prime Minister Drew highlighted the progress made in the comprehensive review of the existing tax regime. Earlier this year, the government collaborated with the International Monetary Fund (IMF) to commence this review process. The draft report of this review is expected to be finalized in early 2024, with the results to be shared with stakeholders subsequently. This initiative aims to reconfigure the tax regime to diversify revenue sources and reduce dependence on specific sectors or sources of income.
Dr. Drew’s announcement reflects the government’s strategic approach towards economic management, emphasizing the importance of a diversified and robust fiscal framework that supports the nation’s growth and development.
Prime Minister Dr. Drew said that the St. Kitts and Nevis government remains committed to fostering a conducive environment for economic stability and growth, ensuring that the nation’s fiscal policies align with the broader goals of sustainable development and prosperity for all its citizens.