Citizens to receive expanded concessions on building materials in Nevis

The Nevis Island Administration has announced to offer heavy concessions on building materials to home and business owners undertaking property renovations, expansions, or new developments. All these concessions are expected to be effective in the country from 2025. 

The announcement regarding the concession was made by Premier of Nevis, Mark Brantley during the 2024 Budget Address for the fiscal year 2025. 

As per the expanded concession, the authorities will grant exemptions on Customs Duties and reduce the building cost by allowing only VAT payments on the materials acquired for the building purpose. 

Premier Mark Brantley on expanded concession on building materials 

Shedding light on this initiative, Premier Mark Brantley said that it has been undertaken by them with a vision to stimulate economic growth and employment in the country. 

He added that the concession will play a significant role in helping the extended families, allowing them to expand their houses without any extra charges. 

Premier Brantley asserted that they are committed to provide additional assistance to all those people who are looking forward to expand their homes. Emphasising on the assistance, the Premier noted that this initiative is a testament to their commitment and dedication to grow Nevis together. 

Construction Sector crucial during COVID-19: Premier Brantley 

Premier Mark Brantley also focused on the importance of the construction sector and said that it plays a significant role in fostering economic conditions of the country. He also emphasised on the importance of construction sector during the COVID-19 pandemic and said that the economic sector was heavily dependent on it. 

The Premier of Nevis further went on to referred the construction as the first sector where they witnessed a resumption of the full employment during the midst of the pandemic. 

He added that the administration of the Nevis is truly dedicated to promoting the construction sector for the benefit of the economic growth and employment creation. 

Premier Brantley asserted that this incentive policies and the concession will not only strengthen the construction sector of Nevis but will also play a valuable role in creating job opportunities for the citizens of the island nation. 

He noted that they are committed to solidify the construction sector as a crucial driver of growth and development of Nevis.