Saint Kitts And Nevis To Boost Corporate Tax Relief
by Mike Godfrey, Lowtax.net, Washington
03 May, 2016
Businesses in Saint Kitts and Nevis will be able to deduct a greater amount of their employment costs for tax purposes, under legislation expected to be adopted by the Caribbean territory.
The Income Tax (Amendment) (No. 2) Bill, 2016, would increase the amount that companies can claim deductions for per employee to XCD90,000 (USD33,500) or XCD7,500 per month. The Bill was passed by the National Assembly recently.
Prime Minister Timothy Harris said that he hoped the increase in the threshold "would assist private sector entities with attracting and retaining personnel with the skills, knowledge, and experience necessary for building competitiveness in the private sector".
Harris said the increase in the threshold will take effect from June 1 this year to "avoid the administrative complexities that are associated with retroactive payments."
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