Basseterre, St. Kitts, March 24, 2020 (SKNIS): Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, said that in efforts to cushion the impact that the COVID-19 health pandemic has on the economy, the Team Unity Administration will reduce Corporate Income Tax and Unincorporated Business Tax.
The Honourable Prime Minister highlighted this during his press conference on March 24, where he unveiled the Government’s stimulus plan to protect and support the people of the Federation against the coronavirus.
Prime Minister Harris stated that there will be a “Reduction of the Corporate Income Tax rate from 33 percent to 25 percent for the period April to June 2020 for businesses that retain at least 75 percent of their employees.”
He continued, “So this is a special and significant corporate tax reduction, intended to assist businesses whose social corporate responsibility is such that they will partner with the Government and with their employees and help to keep their work, at least 75 percent of them, during this period of difficulty.”
Prime Minister Harris also said that “There will be an Unincorporated Business Tax, the rate will move 50 percent downwards from 4 percent to 2 percent for a period April to June 2020.”
The stimulus package to reduce Corporate Income Tax and Unincorporated Business Tax is 5.8 million.
These stimulus packages are an addition to the current public assistance initiatives to protect the Federation’s economy from the impact of COVID-19, he said.