Last Updated on April 18, 2023, 5:47 AM AST by Anthony Morris
The Government of St Kitts and Nevis offers business individuals of the country access to discounted VAT days. The Government has designated April 21 as the day when the registered businesses of the country will benefit from reduced rates.
Accordingly, VAT-registered businesses will be allowed to charge VAT at a o, 5% rate on the sale of goods. According to the update shared by the Government of St Kitts and Nevis, all the tangible items which are 17% VAT will qualify for the discount. As per the rules of the regulations established by the Government, eligible items must also be available for sale and immediate issuance or delivery to the customer on the day that the government has designated for Discounted VAT Rate.
The Government of St Kitts and Nevis has also clarified that the discounted vat does not apply to the items currently unavailable in stock at the shops with the traders. Other things which are not eligible for the discounted vat include Vehicles, guns, ammunition, cigarettes and alcoholic beverages.
Alcoholic beverages in the non-eligibility include Wine, Royal Stout, Whiskey, Gin, Rum, Carib, Brandy, Vodka, Liqueurs, Beer, Guinness, and Smirnoff Ice. and other alcohol-based beverages. The businesses can register for the same through an application available at http://www.sknird.com or get physical applications through IRD’s offices in Basseterre and Charlestown. The companies should return the forms on or before Wednesday, April 19, 2023, at 4:00 PM.
To become eligible for the discounted VAT Days, the businesses must ensure that:
- All VAT return filings and/or payments up to date;
- They have no outstanding taxes, licenses, penalties and/or interest due to the Inland Revenue
- Department and/or the Customs and Excise Department.
The Government pf ST Kitts and Nevis is organizing the VAT Days through the Inland Revenue Department. Meanwhile, the Government has encouraged all the members of the business fraternity to participate in the Discounted VAT days and give the benefits of these initiatives to the people of the country.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
