Saint Kitts and Nevis Minister of Finance, Timothy Harris has announced the introduction of a tax amnesty which will allow taxpayers until September 30, 2009, to settle outstanding debts, as outlined in the 2009 budget. The tax amnesty will be offered to both registered and unregistered taxpayers.
The group of 18 taxes to which the amnesty will apply is comprised of Corporate Income Tax; Traders Tax; Consumption Tax on Services; Hotel Room and Restaurant Tax; Insurance Premium Tax; Gaming Machine Tax; Insurance Registration Fee; Travel Tax; Vehicle Rental Levy; Island Enhancement Levy; Withholding Tax; Property Tax; Tax on Lottery Proceeds; Business and Occupation Licence; Radio Licence; Telecom Services Licence; and Insurance Licence.
Pointing to the methodology that is being adopted, he explained that the government is offering taxpayers with arrears, the opportunity to pay off their taxes without interest and any penalties.
“Where the payment is not completed within the amnesty period but in any event on or before December 30, 2009, then the taxpayers will benefit from a 70% waiver of interest due and payable and a 70% waiver of penalties. Where arrears are paid off between October 1 and December 31, 2009, the payment arrangement or payment plan must have been made before September 30, 2009 to qualify for the 70% waiver,” added Harris.
Taxpayers, wanting to take advantage of this limited time offer, can visit the Inland Revenue Department to verify their tax balances. Taxpayers living abroad are also been encouraged to submit their requests, in writing, to the Inland Revenue Department, in order to be considered under the amnesty programme. Alternatively, overseas based taxpayers can authorize a representative, who is residing in the federation, to act on their behalf, noted the government.
“The government believes that this amnesty is a good idea for all taxpayers, as it provides those in arrears with significant savings by means of eliminating the payment of interest and penalties. It will also bring to the fore and legitimise those individuals and entities that can be classified as tax delinquents and evaders. It certainly will go a long way in ensuring a balanced playing field, as well as a widening of the tax net, which over time will yield improved revenue intake and thereby reduce the likelihood of tax increases.”
Harris added that the introduction of the tax amnesty marks a gesture of goodwill on the part of the government that will lighten the burden of taxpayers in arrears, and one that will give non-compliers the unforced opportunity to operate as required under the law.
He encouraged all affected parties to take advantage of this one-time tax initiative amnesty.
“Doing so will remove the need for the aggressive enforcement of recovery procedures as prescribed in the Tax Administration and Procedures Act of 2003. This will lead to a more harmonious atmosphere of tax relationships, between taxpayers and the Inland Revenue Department, through co-operative compliance mechanisms,” concluded Harris.
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