BASSETERRE, ST. KITTS, MARCH 31, 2025 – The Inland Revenue Department (IRD) informs taxpayers of important changes that should be adopted when submitting the Corporate Income Tax (CIT) filings. It also provides guidance as it continues to address pending issues within the new SMARTS Portal.
Pending Issues in the SMARTS Portal
Taxpayers are advised that the SMARTS Portal currently has unresolved issues related to the Capital Allowance & Losses Schedules. As a result:
- Taxpayers will need to self-assess and remit payments based on their calculations.
- If there are discrepancies between the taxpayer’s calculations and the system-assessed balance, the taxpayer must request an administrative review of the assessment. This process ensures that discrepancies are tracked electronically for a prompt resolution.
- Individual discussions between the IRD and affected taxpayers are encouraged to address concerns quickly and ensure compliance.
Key Changes to the CIT Reporting Process
The IRD is also implementing two significant changes to improve the accuracy and efficiency of CIT reporting:
- Transition to the Grouping Method for Capital Allowance Reporting – To promote simplicity and convenience, the Capital Allowance Schedule will now use a Grouping Method.
- Mandatory Reporting of Capital Gains and Losses as Separate Line Items – Taxpayers must now clearly report capital gains and losses under distinct categories to improve transparency.
These changes aim to streamline the CIT filing process, ensuring that taxpayers can accurately assess and report their financial data.
The IRD appreciates the patience and understanding of all taxpayers during this transition. For further assistance or clarification, taxpayers are encouraged to contact the IRD or schedule a meeting with a tax officer.
Thank you for your cooperation and for supporting the growth and development of our community.
The Inland Revenue Department, Building our Nation Through Responsible Tax Administration.
St. Kitts and Nevis Inland Revenue Department St. Kitts: Bay Road, Basseterre; Nevis: Main Road, Charlestown
Help Desk Assistance: Email: sknhelpdesk@ird.gov.kn Email: ird.helpdesk@niagovkn.com
Tel: (869) 465-8485, Ext: 3454/3405/3442/3443/3466 (St. Kitts) (869) 469-5856, Ext: 6015/6026 (Nevis)
Email: inlandrevenue@ird.gov.kn (St. Kitts); ird@niagov.com (Nevis)
Website: www.sknird.com
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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.