NIA CHARLESTOWN NEVIS (August 19, 2020) — The construction sector on Nevis is showing signs of growth.
Hon. Spencer Brand, Minister of Physical Planning on Nevis made the disclosure at town hall meeting at the St. Pauls Anglican Church Hall on August 13, 2020. The event was hosted by the Nevis Island Administration (NIA), as part of its “Conversation with the people” an ongoing series of interactive meetings across the island providing updates to the public.
“The…Planning Department would have given me some additional encouraging news that our construction sector continue to show signs of growth, and they have indicated that a number of additional applications continue to come into the Planning Department, and the hope is that they can have these approved very quickly so that we can see additional construction sites on the island of Nevis,” he said.
Mr. Brand added that the increase in applications is due to persons taking advantage of incentives offered by the NIA, as part of its COVID-19 relief designed to stimulate economic activity in the construction sector on the island.
“The government would have offered a number of incentives to homeowners or property developers as it regards to various incentives in tax exemption, and I am convinced that the general public continues to respond to those initiatives,” he said.
On July 23, Hon. Mark Brantley, Premier of Nevis and Minister of Finance announced the stimulus package for the construction sector, and at that time urged citizens and residents on Nevis to take advantage of the concessions offered by the NIA to begin construction during July 23 to December 31, 2020.
The incentives target both individuals and businesses. First-time homeowners are being afforded building materials free of Customs Duty and Service Charge, with only value-added tax (VAT) 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 only VAT payable.
Those 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.
Others 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.
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.
Other persons who are interested in applying for the stimulus package can apply to the Ministry of Finance in the NIA.