BASSETERRE, ST. KITTS, NOVEMBER 21, 2022 (Inland Revenue Department) – The Inland Revenue Department (IRD) is pleased to announce that 25th November, 16th and 17th December, 2022 are the prescribed dates for the Discounted VAT Rate Days (DVRDs).
This will allow all VAT registered businesses to charge VAT at the rate of 5% on the sale of goods only. All tangible items that are currently subject to 17% VAT will qualify for the discount on Discounted VAT Rate Day.
Items eligible must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Days. Orders for items not in stock do not qualify. Guns, ammunition, cigarettes, and alcoholic beverages are not eligible. Alcoholic beverages not eligible include but are not limited to Wine, Brandy, Vodka, Whiskey, Gin, Rum, Liqueurs, Beer, Guinness, Royal Stout, Carib, and Smirnoff Ice.
Please note that there will be no vehicle purchase exemptions for DVRD on November 25, 2022. However, on 16th and 17th December 2022, VAT will be exempt on the first $50,000 and any cost in excess of the $50,000 will attract the standard rate of 17% VAT.
Businesses desirous of registering for Discounted VAT Rate Day(s) must ensure that:
- They have filed all their VAT returns
- Have no outstanding taxes, licenses, penalties and or interest due to the Inland Revenue Department and or the Customs & Excise Department.
Unless otherwise informed by the Department, once application is made to participate in the DVRD on 25th November, businesses would not be required to apply thereafter for the DVRDs in December 2022. However, do note that businesses without the proper system in place would not be allowed to participate in the DVRDs on 16th and 17th December 2022.
Applications forms can be collected from the Inland Revenue Department’s Main Office on the Bay Road, and the Charlestown Office or on our website www.sknird.com and must be returned on or before November 21, 2022 at 3pm.
NB: All businesses that submit an application form will be notified of their approval status in writing.
For more information concerning application and registration for Discounted VAT Rate Days, kindly contact the Inland Revenue Department, Taxpayer Services Unit at 465-8485 ext. 3400/3402/3407 or email us at inlandrevnue@ird.gov.kn, visit our website at www.sknird.com or our Facebook page at wwww.Facebook.com/St.KittsandNevisInlandRevenueDepartment.
The Inland Revenue Department is charged with administering the tax laws of the Federation in an efficient and equitable manner, to promote voluntary compliance to maximize Revenue for the development of the Federation at the least cost to the public and in a manner that warrants the highest degree of Public confidence in our integrity, efficiency and fairness. The Inland Revenue Department is the prime revenue collections agency for the Government of St. Kitts and Nevis within the Ministry of Finance, located at Bay Road, Basseterre, and Charlestown, St. Kitts and Nevis, West Indies.