December 16 is Discounted VAT Rate Day in SKN
NIA CHARLESTOWN NEVIS (December 05, 2016) — The following is a press release from the St. Kitts and Nevis Inland Revenue Department regarding the 2016 Discounted Value Added Tax (VAT) Rate Day.
The Inland Revenue Department (IRD) is pleased to announce that December 16, 2016, 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 subjected 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 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. Any cost in excess of the $50,000 will attract the standard 17 percent VAT.
It must be noted, however, that persons receiving Duty Free concession (s) under the First Time Homeowner initiative are NOT eligible for the Discounted VAT Rate (5 percent). Therefore, the goods purchased at Duty Free under the First Time Homeowner initiative will attract the standard rate of 17 percent VAT.
Businesses desirous of registering for the Discounted VAT Rate Day must ensure that:
They have filed all their VAT returns
Have no outstanding taxes, licences, penalties and or interest due to the Inland Revenue Department or the Customs and Exercise Department.
Application forms can be collected from the Inland Revenue Department’s main office in the R.G. Solomon Arcade, Main Street, Charlestown or it can be accessed on our website www.sknird.com, under the VAT 2016 tab. All forms must be returned on or before December 09, 2016 at 3 p.m.
NB: All businesses that submit an application form will be notified of their status in writing within three to five business days.
For more information concerning application and registration for Discounted VAT Rate Day, kindly contact the Inland Revenue Department, Taxpayer Services Unit at 469-5856 or email us at firstname.lastname@example.org or visit our website at www.sknird.com.