The following is from the St. Kitts Nevis Inland Revenue Department concerning Discounted VAT Day:


Inland Revenue Department Discounted VAT Rate Day 2017

 

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 percent on the sale of goods only.

All tangible items that are currently subject to 17 percent 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 and VAT at the standard 17 percent will be charged thereafter.

Businesses desirous of registering for Discounted VAT Rate Day must ensure that they have filed all their VAT returns and have no outstanding taxes, licenses, penalties and or interest due to the Inland Revenue Department and or the Customs and Excise Department.

Applications forms can be collected from the Inland Revenue Department’s main office on the Bay Road and at the Charlestown office and must be returned on or before Dec. 6 at 3 p.m.

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.