NIA offers Property Tax Amnesty; IRD urging property owners to take advantage

NIA CHARLESTOWN NEVIS (June 11, 2018) – The Nevis Island Administration (NIA) has granted approval for a Property Tax Amnesty, in conjunction with Inland Revenue Department (IRD) colleagues in St. Kitts, from June 01 to June 30, 2018.

The Property Tax Amnesty is part of the government’s effort to give opportunities for delinquent taxpayers to become current with their obligations, with the hope that they can continue paying their taxes with reduced or waived interests and/or penalties.

Numerous countries around the world have used tax amnesties as a fiscal tool to raise additional tax revenues without increasing taxes. The Tax Amnesty programme, authorized under section 47 of the Tax Administration and Procedures Act, Cap 20.52, will run for 30 days only, from June 1st to June 30, 2018.

This is a limited time opportunity for individuals and businesses to pay all past due property taxes and $100 to cover all past penalties and interest where those penalties exceed that amount.

For clarity, the outstanding property tax is not being waived. The wavier applies to only interest and penalties in excess of $100.00.

The Inland Revenue Department (IRD) would be making available flexible payment plans to persons who are unable to settle the full amount of the outstanding taxes before the end of the amnesty period.

Please note, to qualify for the waiver of penalties and interest all payment plans along with a deposit must be made on or before June 30, 2018.

The length of the payment plan and minimum deposit would be determined after consultation with the IRD. For persons who default on these payment arrangements, interest and penalties would be reinstated.

In addition, persons or entities that have unregistered properties or properties that have been upgraded can, during this period, report this information to the Department without being charged any interest or penalties.

At the conclusion of the amnesty period, the 10 percent late payment penalty and interest will be imposed on all eligible property tax accounts which still remain unpaid after the amnesty period.

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