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Six-Month Tax Amnesty Begins In St Kitts And Nevis,
by Phillip Morton, Investors Offshore.com
Thursday, April 09, 2009
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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