The Saint Kitts and Nevis Government announced on 21 November 2023 that the National Assembly has adopted a resolution on a VAT reduction that will stimulate the economy and boost homeownership. This includes a temporary reduction in the VAT rate to 13% on eligible building materials for first-time homeowners and for home renovations and repairs, which applies retroactively from 19 September 2023 to 31 December 2024. The resolution also includes a VAT holiday providing for a reduction in the VAT rate to 5% on all sales of VATable goods on 15 and 16 December 2023.