Government collects millions in corporate tax...more to be remitted by year-end

By VonDez Phipps
Reporter-SKNVibes.com

BASSETERRE, St. Kitts – Minister of Finance Hon. Dr. Timothy Harris recently announced that the Inland Revenue Department has collected over EC $70M in corporate tax for 2008, a record high for the federal tax agency.

“I want to use this opportunity to commend our private sector entities in St. Kitts-Nevis who have been very responsible in the timely payment of their corporation taxes.

This year, with still two months to go I’m advised that the Inland Revenue Department has recorded its highest intake in Corporation Tax, EC $70.5 million.”

Dr. Harris noted that the government must be happy when businesses make good profit because “we take back some to assist in the wider development of the country”, and indicated his Ministry has a vested interest in their survival and well doing.

Comptroller of Inland Revenue Beverly Williams explained that about three years ago, an exercise was undertaken to audit all the corporations on the island and indicated that many more companies are consequently making tax returns and providing tax computations, reporting much more revenue.~~Adz:Right~~

“Over the past ten months, we have collected our highest amount of corporate tax ever. Plus, we still have about EC $10 to 15 million more to collect for the rest of the year. This shows the hard work and diligence of the officers here at the Inland Revenue in assessing and monitoring companies and collecting outstanding taxes.”

“We are encouraging all companies to send out their tax statements on or before April 15 of every year, to ensure that the government’s revenue comes in on time,” Williams added.