SKNLP promises tax exemptions, duty-free concessions for small businesses

THE ST KITTS-NEVIS LABOUR PARTY (SKNLP) plans doubling the tax-exempt threshold for unincorporated small business service providers and hiking by 35 percent the threshold for all retailers whose small firms are unincorporated, according to the party manifesto launched late last week.

The 27-page colourful document also promised duty-free concessions on a range of products for all registered and producing farmers and fishermen.

Operators in the sectors will enjoy duty-free entrance into the country on seeds, agricultural inputs, vehicles, boats, insecticides, pesticides, tools and agricultural implements the SKNLP five-year guiding document indicated.

The strategy said when elected, the Terrance Drew administration will reduce taxes on unincorporated small business in the island by increasing the tax-exempt threshold from EC$6,000 to EC$12,000 for all service providers.

Under the five-year plan, the SKNLP guiding document also promised that the tax-exempt threshold will move from EC $37,500 to EC $50,000 for all small business retailers from the new government.

Among a menu of measures the party manifesto announced are reducing payroll taxes for small and medium-sized businesses of up to 20 employees and implementing a ‘START FROM ZERO’ (Zero hassle.  Zero duty.  Zero application or application fees) tax package to help “stimulate our small businesses” the manifesto explained.

To achieve this the key document said the SKNLP government will provide duty-free concessions on vehicle for all small business start-ups; duty free on all equipment and furniture for all start-ups within the first year “until the business is fully operationalised”.

The new SKNLP administration promised to establish a Ministry of Small Business to “give small businesses a voice and equip them with all the tools necessary to survive and thrive in a competitive environment,” the manifesto explained.