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ECCB reports condominium tax drops 60 percent and a double digit decline in CBI programme in St. Kitts-Nevis

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Published 17 June 2018

Buckie Got It, St. Kitts and Nevis News Source

By: Media Source

ECCB reports condominium tax drops 60 percent and a double digit decline in CBI programme in St. Kitts-Nevis
Basseterre, St. Kitts, June 18, 2018 – A decline in property tax receipts was driven by a nearly 60 percent decrease in condominium tax in 2017 in St. Kitts and Nevis, the Eastern Caribbean Central Bank (ECCB) is reporting.

“Property tax revenues were lower on account of a decrease in the performance of the condominium tax (58.8 percent), attributable to lower condominium sales. Non-tax receipts, the other major current revenue category, fell by 14.5 percent to $253.6m (9.9 percent of GDP), for the most part influenced by a reduction in inflows from the Citizenship by Investment Programme. The performance compares with 2016, during which non-tax revenues were 21.8 percent lower to $296.6m (12.1percent of GDP),” ECCB said.
According to the ECCB lower proceeds from the CBI Programme which declined by 18.2 percent represented the major contributor to the reduced performance.
“Reduced tax receipts on international trade and transactions were mainly attributable to decreases in collections from import duty ($2.4m), environmental levy ($0.7m) and customs duty ($0.6m),” said the ECCB in its Annual Economic and Financial Review for 2017.
The ECCB also reported that non-tax revenue receipts in St. Kitts and Nevis fell by 16.0 percent to $221.4m, influenced primarily by an 18.2 percent decline in proceeds from the Citizenship by Investment Programme.
“Current expenditure fell by 2.5 percent to $513.7m in 2017, in contrast to a 1.9 percent rate of growth in the previous year. This outturn was largely influenced by an estimated 8.7 percent ($20.5m) decrease in outlays on personal emoluments and wages. Lower current expenditure was also associated with a 5.8 percent decline in outlays of goods and services,” the ECCB disclosed.
The ECCB also reported declines in lending to construction, distributive trades and tourism of 5.1 percent, 6.4 percent and 0.4 percent respectively.
The Eastern Caribbean Central Bank (ECCB) in its Annual Economic and Financial Review for 2017 said the St. Kitts and Nevis economy decelerated to 1.7 percent in 2017 compared to 2.2 percent in 2016 and 3.9 percent in 2015.
In the last two full years of the St. Kitts-Nevis Labour Party (SKNLP) administration of the Rt. Hon. Dr. Denzil L. Douglas the St. Kitts and Nevis economy grew 6.0 percent in 2014 and 6.2 percent in 2013.

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