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

Government Cracks Down on Non-Compliance

The government of Saint Kitts and Nevis has been taking a firm stance against non-compliance with financial regulations, issuing various reminders to taxpayers and businesses to ensure they meet the required standards.

Reminder from Inland Revenue Department

• The Inland Revenue Department has requested all taxpayers whose personal information is obsolete to visit their office at their earliest convenience to facilitate updates.
• This move aims to maintain accurate records and prevent tax evasion.

Revised Filing Deadline for FATCA and CRS Reporting

• The Automatic Exchange of Information (AEOI) Competent Authority for the Federation of Saint Kitts and Nevis has revised the filing deadline for FATCA and CRS reporting.
• The new deadline for both FATCA and CRS reporting is November 30th, 2020, giving financial institutions an extended period to comply with regulations.

Suspension of Liquor License Renewals

• The government has suspended all liquor license renewals until further notice.
• This decision aims to streamline the process and prevent potential non-compliance issues.

Extension of Due Date for Payment of Property Tax 2020

• As part of the COVID-19 Stimulus Package 2020, the Due Date for Payment of Property Tax 2020 has been extended to September 30th, 2020.
• Taxpayers are reminded that property tax is due and payable each year on or before June 30th.

Assistance for Taxpayers with Arrears

• The Inland Revenue Department encourages taxpayers with arrears to contact immediately to make arrangements to pay their tax debt in full.
• The department is prepared to assist taxpayers by providing payment arrangements tailored to their unique circumstances.

Liquor License Renewal Process

• Applicants must present a stub obtained from the Sir Lee Llewelyn Moore Judicial Complex (Court’s Cashier) at the Inland Revenue Department for processing.