
Nevis Junior Trade Minister - Hon. Dwight Cozier
Charlestown, Nevis
April 30, 2008
In a move to protect the people of Nevis and to soften the impact of the increasing global food and oil prices, the Nevis Island Administration (NIA) moved with immediate effect, to implement tax relief measures on select food and non food items on the island.
Junior Minister with responsibility for Trade on Nevis disclosed at a press briefing in Charlestown, on Tuesday April 29, 2008, that the Administration was committed to the formulation of policy to ensure that the cost of living was kept to a minimum.
“With this in mind, the government has decided to take steps which will lead to a reduction of the cost of imported foods and some none food items designed to counter the global crisis. The government has decided to cut consumption taxes on a number of items by a rate of at least 10 percent. Additionally, the NIA has decided to compute the consumption taxes on Cost, Insurance and Freight (CIF) only. The NIA believes that a reduction in consumption tax would reduce the cost of specified items to the consumer.
“It is important to note that the formula for the computing of consumption tax is cost insurance and freight plus import duties, times the relative percentage of consumption taxes. Consumption tax is therefore varied between 7.5percent and 22.5percent depending on the particular item. The government has decided to approve food items identified by the study of food consumption patterns, which was undertaken in 2007 and which captured a wide cross section of food consumption patterns in Nevis,” he said. Read the rest of this entry »
Related posts:

