Saint Kitts and Nevis Government Takes Stance Against Financial Non-Compliance

New Fines and Penalties Announced

The Saint Kitts and Nevis government has taken significant steps to clamp down on financial non-compliance within the country. In a bid to tighten regulations and prevent tax evasion, the government has announced several new fines and penalties for non-compliance with various financial regulations.

Key Updates:

• Personal Information Update: Taxpayers who fail to update their personal information will be liable for a penalty of $500.
• FATCA and CRS Reporting: Financial institutions that fail to comply with the revised filing deadline for FATCA and CRS reporting (November 30th, 2020) will be subject to a penalty of $1,000 per day until compliance is achieved.
• Liquor License Renewals: All liquor license renewals have been suspended until further notice, pending the implementation of new regulations.
• Property Tax Payment Deadline: The due date for payment of property tax 2020 has been extended to September 30th, 2020, as part of the COVID-19 Stimulus Package 2020. Failure to comply with this deadline will result in a penalty of one percent (1%) per month, added to the total amount due.
• Business Licenses: Businesses operating in Saint Kitts and Nevis without valid business licenses will be subject to fines ranging from $1,000 to $5,000.

Additional Measures

• Unpaid property tax demand notices are sent to the Collections Section for settlement.
• Taxpayers can request a property tax demand notice at any time from the department. However, failure to receive a demand notice is not an excuse for non-payment of property taxes.

Government’s Aims

The government’s clampdown on financial non-compliance is aimed at ensuring compliance with various regulations and preventing tax evasion. The measures are expected to bring in additional revenue for the government while also promoting a culture of compliance among taxpayers and businesses operating in the federation.