Tag: Inland Revenue

Inland Revenue Department reminds vehicle owners for February

NIA CHARLESTOWN NEVIS (FEBRUARY 04, 2016) — The following is a notice from the Inland Revenue Department, Ministry of Finance in the Nevis Island Administration (NIA) dated February 04, 2016.

The Inland Revenue Department in the Nevis Island Administration (NIA) would like to remind ALL vehicle owners with licence plate ending with the digit 2, that their due date for payment is February 29th 2016. Payment can be made on or before that time.

Persons with driver’s licence whose birthday is in the month February, are also reminded to please check their driver’s licence and ensure that it is up to date.

Expired vehicle licence will attract 1 percent interest per month and the risk of being ticketed by the Police. Persons are encouraged to be responsible citizens, avoid interest and penalties and pay their taxes on time.

Any further queries on the above mentioned licences and taxes or any other taxes, our friendly staff will be happy to assist you.

For more information call us at Tel: 469-5856 (direct line) 469-5521 ext. 5010 Email: ird@niagov.com

Inland Revenue Department Nevis or visit our main offices in the R. G. Solomon Arcade, Main Street Charlestown, Nevis.

NIA Seal

Nevis Inland Revenue Dept. reminds Business and Occupation Licences holders of renewal date

NIA CHARLESTOWN NEVIS (NOVEMBER 06, 2015) — The Inland Revenue Department on Nevis, wishes to advise the general public that all current Business Licence holders should have their licences renewed on or before February 01, 2016.

Payment should be made at the Inland Revenue Department at the R. G. Solomon Arcade on Main Street in Charlestown.

In an effort to continue to serve the public better, the Department is requesting that all taxpayers visit the Taxpayer Services Unit before proceeding to the Payment Unit for processing.

Taxpayers should also bring their most recent utility bill and or any identification which states their current address.

Any payment made after February 01, 2016, will attract interest at a rate of 12 percent per annum and a penalty of $50 per day thereafter.

For more information contact us at 1 (869) 469-5856, Facebook: Inland-Revenue Department-Nevis, Website: www.sknird.com

Property Tax

OBJECTIONS

 

The Taxpayer may object within thirty (30) days after the valuation notice has been mailed out.

 

DEFINITIONS

¨ Accommodation use property

Property used for short term accommodation ; & includes guest house under the Hotel Accommodation Restaurant Tax Act, No. 1 of 1992.

¨ Commercial use property

Commercial property which does not include accommodation use property or property used for certified farming operations.

¨ Market Value

This is the amount for that a property owner could collect if their property was sold.

¨ Property Tax Ordinance

An ordinance to provide for the modernization of property tax,  the exemption of certain properties from valuation & taxations, property valuation procedures, the payment and recovery of taxes and other related matters.

¨ Property Tax
Also referred to as an “ad valorem tax”( which is Latin for “according to value”), is a tax imposed, based on the value of property.

¨ Valuation List

A document that records the market value of each property.

 

 VALUATION CLASSES

Class 1– Residential

Class 2– Commercial

Class 3– Accommodation

Class 4– Certified farming

Class 5– Institutional

 

EXEMPTIONS

The sum of EC$ 80,00.00 is deducted  each year, from the value of a residential building. The remaining assessed value is then multiplied by the applicable rate as outlined on the following page.

Exemption of new improvements (building)

 during construction.

Improvements (Buildings) are exempt from valuation and taxation while they are under construction, until the new building is  capable of being occupied


The following properties are fully exempted from valuation and taxation:

1. Government

2. Statutory body

3. Religious body

4. Private burial grounds

5. Cemetery

6. Conservation land

7. Heritage property

8. Property for charitable purposes

9. Non-profit, benevolent or philanthropic organizations

10. Institutions

11. Consulate or diplomatic mission

12. Property to the extent that it is exempted from property tax by or under any other law.

 

Market Valuation Methods:

The Sale Comparison Method– this is a comparison of the sale price of the property, with recent sales at market value of the property.

 

Cost Approach– the amount a person pays for the construction of a property.

 

The Income Approach– this is used for large buildings, where the income of that building is used to calculate the market value.

 

Due Date for Tax Payments

The tax in a financial year is due and payable on or

before June 30, of each year.

However, property taxes for 2008, ONLY, are due by

SEPTEMBER 30, 2008.

 

INTEREST & PENALTIES

Failure to comply with the due date (s) above, will result in a late payment fine of 1% per month.

 

 

OBJECTIONS

 

The Taxpayer may object within thirty (30) days after the valuation notice has been mailed out.

 

 

 

Purposes of the Property Tax Revenue

To provide the public with important services such as:

1)Health Care

2) Education

3) Crime prevention measures

4) Infrastructural Development

5) Affordable homes

6) Fire Services and

7) Youth Development

 

 

 

 

 

 

 

Property Tax Rates

RATES

Each class of property has two separate rates which are as follows:

Class
Improvements (Building) Land
Residential 0.156% 0.075%
Commercial 0.3%0.2%
Accomodation 0.3% 0.2%
Certified Farming 0% 0.01%
Institutional 0.2% 0.15%

 

Class

Improvement

(Building)

Land

1-Residential

0.156%

0.075%

2-Commercial

0.3%

0.2%

3-Accommodation

0.3%

0.2%

4-Certified Farming

0.0%

0.01%

5-Institutional

0.2%

0.15%

 

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