Inland Revenue Department
Back To Main Screen
The St. Kitts and Nevis Inland Revenue Department (SKNIRD) wishes to advise all entities registered as at December 31st 2018 as Exempt Companies under the Companies Act Cap. 21.03 of the Revised Laws of SKN 2017, Nevis International Business Corporations (NIBCs) under the Nevis Business Corporation Ordinance, 2017 and Nevis Limited Liability Corporations (NLLCs) under the Nevis Limited Liability Company Ordinance, 2017, are obligated to file the CIT-101 Corporate Income Tax Return by August 26th 2020.
In March 2018, St. Kitts and Nevis (SKN) was listed by the European Union Code of Conduct Group (EU CoCG) as a non-cooperative jurisdiction and blacklisted as a result. Considering these assessments by the EU CoCG and the OECD Forum for Harmful Tax Practices (FHTP), the Government of SKN implemented necessary legislative reforms to the Companies Act Cap 21.03, the Nevis Business Corporation Ordinance and the Nevis Limited Liability Company Ordinance to comply with international tax good governance principles. These reforms were done ahead of the agreed deadlines and resulted in SKN receiving a rating of Largely Compliant by the OECD FHTP in February 2017 and being removed from the EU’s list of non- cooperative nations in February 2020.
The Federation, in addition to amending the above-mentioned regimes instituted grandfathering provisions to cover existing entities. Therefore, in an effort to maintain our Largely Compliant rating and ensuring compliance with its international obligations, the Federation must put procedures in place to monitor the implementation of the grandfathering mechanisms and ensure its policies are working as designed.
The Government values the importance of the Financial Services sector and the SKNIRD is taking all necessary steps to ensure these vital services within the industry continue. The Department will continue to educate you our stakeholders on your obligations, including the publication of guidance notes applicable to your industry, and any other policy information that may be introduced. We ask for your cooperation as we implement these measures for the benefit of us all.
For more information on the OECD BEPS Action 5 Initiative you may visit the OECD’s website at www.oecd.org/tax/beps