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Today’s Top Headlines

St Kitts And Nevis Introduces VAT

by Phillip Morton, Investors

05 November 2010

The Saint Kitts and Nevis government, welcoming in the new value-added tax (VAT) regime from November 1, has noted the registration of 550 qualifying businesses in the island.

Entities with gross annual taxable income in excess of XCD150,000 (USD55,900) are required to register for VAT, which came into force in the Federation on November 1, at a rate of 17%.

The VAT consolidates 12 existing taxes, the Consumption Tax, the Hotel Accommodation and Restaurant Tax, the Cable TV Tax, the Vehicle Rental Levy, the Insurance Premium Tax, the Export Duty, the Public Entertainment Tax, the Lotteries Tax, the Gaming Machine Tax, the Traders Tax, the Telecommunications Levy, the Island Enhancement Fund and the Parcel Tax.

Zero-rated items include: disposable diapers, bread, flour, fuel, infant formula, milk, oats, rice, the sale of commercial property from one VAT registrant to another, and sugar.

Exempt supplies include: supply of basic construction services on a residential home; a supply of medicines for chronic diseases approved by the Chief Medical Officer; a supply of printed matter, articles, books, newspapers and pamphlets; the supply of certain agricultural inputs; fibre-glass and wooden boats, anchors, G.P.S sets, compasses, V.H.F. Radios; bus & taxi fees; education services; electricity; insurance; interest on loans; locally produced agricultural produce grown in the Federation; medical services; residential rent and residential water.

TAGS: tax | business | value added tax (VAT) | interest | insurance | fees | education | Saint Kitts and Nevis | construction | currency

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