Financial Crime World

Compliance Reporting Requirements in St. Kitts and Nevis Take Centre Stage

The Automatic Exchange of Information (AEOI) Competent Authority for the Federation of St. Kitts and Nevis has issued a revised filing deadline for FATCA and CRS reporting, effective immediately.

Revised Filing Deadlines

As of November 30th, 2020, Financial Institutions are now required to submit their:

  • 2019 FATCA reports
  • 2020 CRS reports

by the extended deadline. The AEOI Competent Authority urges all financial institutions to comply with these new deadlines to avoid any potential penalties or fines.

Other Developments

  • The St. Kitts and Nevis Government has suspended all liquor licence renewals until further notice, as part of a broader effort to streamline administrative processes and ensure compliance with regulatory requirements.
  • Property tax payers are reminded that the due date for payment has been extended to September 30th, 2020, as per the COVID-19 Stimulus Package 2020.

Inland Revenue Department Updates

Inland Revenue Department officials urge taxpayers to query any outstanding arrears before making payments. Property bills without arrears can be paid directly at the Cashier Section.

FATCA Reporting Requirements

The Government of St. Kitts and Nevis has enacted legislation to facilitate compliance with FATCA reporting requirements by Financial Institutions. The legislation aims to:

  • Promote transparency
  • Encourage cooperation between financial institutions and tax authorities
  • Ensure the confidentiality and restricted use of shared information

Ease of Compliance

To ease the burden of compliance, taxpayers are encouraged to utilize the Inland Revenue Department’s E-services portal, which allows for online transactions and extends deadlines to 11:59pm on due dates. The portal also provides users with access to all transaction history, eliminating the need for in-person visits or phone calls.

Conclusion

These developments highlight the importance of compliance reporting requirements in St. Kitts and Nevis, as well as the efforts of government agencies to promote transparency, cooperation, and ease of doing business.