Reminders

The Automatic Exchange of Information (AEOI) Competent Authority for the Federation of Saint Kitts and Nevis has revised the filing deadline for FATCA and CRS reporting

The Saint Kitts and Nevis AEOI Competent Authority wishes to advise the Financial Institutions that it is now extending its FATCA reporting deadline for the 2019 reporting period to 30th November 2020.
The Saint Kitts and Nevis AEOI Competent Authority is also extending its CRS reporting deadline for the 2020 reporting period to 30th November 2020.

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Wheel and Driver Licences

The extension for the renewal of wheel and driver licences for both March and April has been extended to the 8th May 2020.

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Liquor Licence

The St.Kitts and Nevis Government has suspended all Liquor Licence renewals until further notice.

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Liquor Licence

All Liquor Licence renewals start at the Sir Lee Llewelyn Moore Judicial Complex (Court's Cashier.) The stub given there, should be presented to the Inland Revenue Department in order to process the Licence.

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Taxpayers are reminded that property tax is due and payable each year, on or before June 30th.

NB All property bills with arrears, must first be queried at the Customer Service Section, before payment is made. Property bills without arrears should be taken directly to the Cashier Section for payment.

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Vehicle

All vehicle owners whose licence plate ends with 1, must renew their vehicle licence before January 31st. Similarly, if your vehicle licence plate ends with 2, you must renew your vehicle licence before February 29th to avoid interest charges and ticketing fees..

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All insurance companies are reminded that a statement showing the number of policies issued, the value of every policy and any other information required by the Accountant General must accompany the registration fee remittance and the insurance premium remittance. The forms can be found under Form & Guides tab then click on Tax Returns.

 

WHEN IS INCOME TAX DUE

Taxpayers are required to pay their income tax in installments. Installments are due at the end of each quarter of the calendar year which are, the 15th of March, the 15th of June, the 15th of September and the 15th of December (Amendment Act No. 6 of 2006)(Section 44 (6) of The Income Tax Amendment Act No. 6 of 2006).

Installments are generally one quarter (¼) of the total taxes payable on the most recent Corporate Tax Return that had been filed with the Inland Revenue Department. However, the Comptroller may estimate the amount of the installments due from any taxpayer as long as there is a reasonable basis for that estimate. Any balance owing on an Income Tax Return is due on the filing deadline of the tax return. If payment is received after that date, interest will be charged commencing on the day after the filing deadline and will continue to be charged until the amount owing has been paid in full. To be considered for an extension to pay, the taxpayer must make an application, using the RLP-001: Application: Request To Pay After The Due Date, outlining the specific reason requested for the extension. The granting of an extension to pay means that late payment penalties will not be assessed, however, interest charges will not be waived.

TIPS
  • Here are two benefits of holding a valid Business Licence.

    • You would be in good legal standing with the Department, since it is illegal to operate in the Federation without one.
    • You would be in a better position to obtain financial assistance from lending institutions, since most institutions conduct business verification checks with the Inland Revenue Department.