BASSETERRE, St. Kitts, November 17th 2017 – The Inland Revenue Department (IRD) is pleased to announce that 15th December,2017 is the prescribed date for the Discounted VAT Rate Day.
This will allow all VAT registered businesses to charge VAT at the rate of 5% on the sale of goods only.vAll tangible items that are currently subject to 17% VAT will qualify for the discount on Discounted VAT Rate Day.
Items eligible must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Day. Orders for items not in stock do not qualify.
Guns, ammunition, cigarettes and alcoholic beverages are not eligible. Alcoholic beverages not eligible include but are not limited to wine, brandy, vodka, whiskey, gin, rum, liqueurs, beer, guinness, royal stout, carib, and smirnoff ice.
For vehicle purchases, VAT will be exempt on the first $50,000.00 and VAT at the standard 17% will be charged thereafter.
Businesses desirous of registering for Discounted VAT Rate Day must ensure that:
- They have filed all their VAT returns
- Have no outstanding taxes, licenses, penalties and or interest due to the Inland Revenue
Department and or the Customs & Excise Department.
Applications forms can be collected from the Inland Revenue Department’s Main Office on the Bay Road, and the Charlestown Office and must be returned on or before December 6th 2017 at 3pm.
NB: All businesses that submit an application form will be notified of their status in writing.
For more information concerning application and registration for Discounted VAT Rate Day kindly contact the Inland Revenue Department, Taxpayer Services Unit at 465-8485 or email us at inlandrevnue@sknird.com, visit our website at www.sknird.com or our Facebook page at wwww.Facebook.com/St.KittsandNevisInlandRevenueDepartment.
The Inland Revenue Department is charged with administering the tax laws of the Federation in an efficient and equitable manner, to promote voluntary compliance, to maximize revenue for the development of the Federation at the least cost to the public, and in a manner that warrants the highest degree of public confidence in our integrity, efficiency and fairness. The Inland Revenue Department is the primary revenue collections agency for the Government of St. Kitts and Nevis
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