Fines and Penalties for Non-Compliance with Financial Regulations in Saint Kitts and Nevis

The Government of Saint Kitts and Nevis has emphasized the importance of compliance with financial regulations, warning that non-compliance can result in significant fines and penalties.

Extended Deadlines and Assistance Measures

In a bid to encourage taxpayers to meet their obligations, the government has extended several deadlines for tax payments and introduced measures to assist those struggling to pay:

• Automatic Exchange of Information (AEOI) Competent Authority: The AEOI Competent Authority for the Federation of Saint Kitts and Nevis has revised the filing deadline for FATCA and CRS reporting. The new deadline is now set at November 30, 2020.
• Property Tax Payment Extension: As part of the COVID-19 Stimulus Package 2020, the due date for payment of property tax 2020 has been extended to September 30, 2020.

Important Reminders and Consequences of Non-Compliance

Taxpayers are warned that failure to comply with financial regulations may result in significant fines and penalties:

• Avoiding Penalties and Interest Charges: Taxpayers who have paid their taxes in full on or before the tax due date will not be liable for penalty or interest charges.
• Help for Taxpayers with Arrears: The government has introduced measures to assist taxpayers who have accumulated arrears on their property taxes. Those struggling to pay are encouraged to contact the Inland Revenue Department immediately, which is prepared to provide payment arrangements that consider taxpayers’ unique circumstances.

By meeting tax obligations on time, taxpayers can avoid these consequences and maintain compliance with financial regulations in Saint Kitts and Nevis.