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.

 

WHAT HAPPENS AFTER THE RETURN HAS BEEN FILED

When an income tax return is received by the Inland Revenue Department, it will be reviewed by an assessor. If the return is incomplete or incorrect, you may be contacted to clarify any information or you may be asked to re-file. Once the tax return has been assessed, the taxpayer will receive a notice of assessment and a document entitled “Income Tax Computation and Explanation of Adjustment(s)” which will outline the details of the assessment and explain any adjustments, made by the Inland Revenue Department.

REJECTED FILINGS

The Comptroller may refuse to accept a tax return if it does not meet the minimum filing requirements. Section 52 (2) b of the Income Tax Act states that the comptroller

Where a person has delivered a return, the Comptroller may…
…. refuse to accept the return and, to the best of his or her judgment,
determine the amount of the chargeable income of the person and assess
him or her accordingly.

When a return is rejected and the taxpayer does not resubmit before the due date, late filing penalties and interest will be charged.

TIPS
  • Taxable entities and individuals are reminded that all documents are to be kept for a period of 6 years. Approval must be granted by the Comptroller for earlier disposal of the same.