BASSETERRE, St. Kitts, October 3rd, 2011 (CUOPM) - St. Kitts and Nevis’ legal and regulatory system for effective tax co-operation was found to be in full compliance with all elements of the Global Forum’s standards, with the exception of one minor issue pertaining to the availability of information for domestic general partnerships.
“The Government of St. Kitts and Nevis has addressed this issue which will ensure that there are relevant sanctions in place for non-compliance with the maintenance of accounting records for such entities. The required remedial action which would require amendments to the relevant legislation is currently being implemented,” Financial Secretary, Mrs. Janet Harris said in a statement issued Monday.
“The Global Forum’s standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. Fishing expeditions are unauthorised, but all foreseeably relevant information can include bank information and those held by fiduciaries, regardless of the existence of a domestic tax interest,” she said in the statement.
The peer review was undertaken over the period February 2011 to July 2011 by the Peer Review Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes, a division of the Organization for Economic Co-operation and Development (OECD).
On 21st July 2011, the report of St. Kitts and Nevis was deliberated at the 7th Meeting of the Peer Review Group which was held in the Cayman Islands over the period 18th – 22nd July 2011.
The Federation was ably represented by the Attorney General, the Hon. Patrice Nisbett; Mrs. Janet Harris, Financial Secretary and Competent Authority for the Exchange of Information for Tax Purposes; Ms. Sylvia Manning, Deputy Financial Secretary and Competent Authority Designate; Ms. Idris Fidela Clarke, Director, St. Kitts Branch of the Financial Services Regulatory Commission; Miss Heidi-Lynn Sutton, Financial Services Consultant to the Ministry of Finance in the Nevis Island Administration and Miss Waveney Hanley, Senior Tax Inspector, Inland Revenue Department.
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