Reminders

The Due Date for Payment of Property Tax 2020 has been extended to September 30, 2020, as per the initiative outlined in the COVID-19 Stimulus Package 2020"

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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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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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STARTING A BUSINESS

The first step in starting a new business is to have an outline showing what your business plan will entail. While the success of a business is not guaranteed, a well thought out plan will increase the odds in your favour. This plan should include visiting the Inland Revenue Department to determine the taxes and licences for which you will be liable. After you have worked out the details of your plan, it is time to get the business registered. A business plan is not required for this.

There are two ways to register your business depending on whether your business will be incorporated or whether you choose to be a sole trader. For information on incorporating your business you can contact the Financial Services Regulatory Commission (FSRC) at 869-467-1019, located on Liverpool Row in Basseterre, St. Kitts or Charlestown, Nevis. If you chose to carry on business as a sole trader, then you will not have to go through this step. An individual should do the necessary research to determine which avenue is best, depending on their unique circumstances, and the type of business venture they wish to undertake.

One of the most important aspects of conducting a business, is ensuring that proper and complete records are kept for all transactions relating to the business. In addition, business records should always be kept separate from personal records. These two will be invaluable in helping you to determine the success of your enterprise, and it is required for tax purposes.

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.