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.

 

FATCA IGA & ANNEXES

The Government of St. Kitts and Nevis signed a Model 1B Inter-governmental Agreement (IGA) with the United States of America on August 31, 2015, to facilitate the reporting of information from the Financial Institutions within its jurisdiction that have registered with the Internal Revenue Service (IRS) for FATCA purposes.

Under this agreement, the Government of St. Kitts and Nevis is required to establish a Competent Authority which will be responsible for maintaining control of the FATCA process and facilitating the information transfer from the Financial Institutions to the Internal Revenue Service (IRS).

Annex I and Annex II to the Model 1B IGA provides guidance on the processes to be employed by the Financial Institutions to review and identify existing and well as new accounts and to report account information where necessary. The Annexes also provide guidance on what entities and accounts may be exempt from the FATCA reporting requirements.

The Model 1B IGA, Annex I and Annex II can be accessed by clicking on the links below:

SKN IGA Model 1B Agreement SKN Alternat as Signed 31 Aug 2015

SKN Annex I to Model 1 Agreement

SKN Annex II to Model 1 Agreement

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.