Financial Crime World

FINES AND PENALTIES FOR NON-COMPLIANCE WITH FINANCIAL REGULATIONS IN SAINT KITTS AND NEVIS

The Saint Kitts and Nevis government has warned taxpayers that failure to comply with financial regulations can result in severe fines and penalties. In a bid to ensure compliance, the government has issued reminders and extensions for various financial deadlines.

Important Deadlines and Reminders

FATCA and CRS Reporting Deadlines Extended

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 reports is November 30, 2020, for the 2019 and 2020 reporting periods.

Liquor Licence Renewals Suspended

The St.Kitts and Nevis Government has suspended all Liquor Licence renewals until further notice. Taxpayers are advised to check with the relevant authorities for updates on when liquor licence renewals will resume.

Property Tax Payment Extension

In response to the COVID-19 pandemic, the government has extended the due date for payment of Property Tax 2020 to September 30, 2020. This extension applies only to property tax payments that were previously due on June 30, 2020.

Business Licence Requirements

All businesses, whether incorporated or sole trader, are required to have a business licence before starting operations. The Licences on Businesses and Occupations Act Chapter 18.20 outlines the requirements for obtaining a business licence, including:

  • Submitting an application in writing
  • Paying the prescribed fee
  • Providing two forms of picture identification

Consequences of Non-Compliance

Taxpayers are reminded to follow regulations and guidelines set by government agencies to ensure compliance with financial regulations. Failure to comply can result in fines and penalties, including:

  • Payment of outstanding taxes: 3 ½ months following the end of the financial year
  • Annual filings of financial statements: 3 ½ months following the end of the financial year

Staying Up-to-Date

It is essential for taxpayers to stay up-to-date with financial regulations and deadlines to avoid any potential fines or penalties. Regularly check government websites and announcements for updates on compliance requirements and deadlines.