Montserrat explains duty exemptions for returning nationals
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| Published on Saturday, May 19, 2007 |
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BRADES, Montserrat: The government of Montserrat has taken steps to further explain its duty exemption policy for Montserrat nationals returning to the island to take up permanent residency.
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| Montserrat government headquarters. The Development Unit is located on the top floor of the building which houses the Chief Ministers Office |
It says the financial incentives are being offered to returning nationals, who have been residents of another country for a period of three years or more and have now decided to return to Montserrat to live.
The government says persons who qualify under this policy will be granted duty and consumption tax reductions, on all personal belongings, household items and a motor vehicle for each family.
It is also extending tax reductions to those persons who are returning with items that are directly related to their business activities, including tools of trade which will cover items used by tradesmen for the creation of goods and services and also capital items such as, high priced equipment and or appliances which will be required for start up and expansion of businesses.
Under the policy, returning nationals to Montserrat will not have to apply for the tax reductions, once they are bringing back items classified as personal belongings, household goods and a motor vehicle for each family.
However, the government says applications must be made for tax reductions for those items listed as tools of trade and capital items.
These applications will have to be made in writing to the Director of Development, at the Development Unit and must include information on the nature of business, number of employees and a list of items to be imported and their value.
The government of Montserrat says any tax exemptions granted under the duty exemption policy for returning nationals, will only be valid for one year, after the declared date of return for permanent residency on Montserrat.
Further incentives being considered by government are expected to include a discount on government housing stock available for sale, and business support grants to businesses that qualify. | | | | Reads : 168 | | | |
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