March 05, 2008
Minister of Land and Housing in the Nevis Island Administration (NIA) the Hon. Robelto Hector supported a Bill to amend the Company Ordinance of 1999, in a stated position made during the Nevis Island Assembly held on Thursday 28th February 2008.
Mr. Hector said he supported the Bill and was happy that the Mover of the Bill came before Parliament to seek support of his government ministers for stamp duties to be paid when shares are transferred.
The Bill as it stood required for amendments to be made to the 1999 Company Ordinance and Section 7 of the Amendment was used which showed where a $250 fee would be sought instead of the 1999 Bill that stipulated a $50 charged fee.
Almost a decade had passed since the 1999 Ordinance and “Economic innovation was vital for a growing economy and was reasonable for legislations to be changed over a period of years, in order to tighten loopholes,” said Mr. Hector.
The arguments presented supported the amendment for Stamp duties to be collected which would ensure continued development of Nevis and was vital for the island’s revenue.
The Minister also added that “Stamp duties collected would provide evidence of Registrar approval to avoid annulment of transactions.”
“Those before me might not have seen the importance of stamp duty but as I seek to ensure that work is done in this country, we are to make sure that we collect the stamp duties. We are looking for the bearance of evidence that stamp duty has been paid. If these are not there, then call the transaction annulled,” he said.