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   NEW!


CHANGE OF STANDARD FILING AND PAYMENT PERIOD OF SELECTIVE TAXES
  

BASSETERRE, ST. KITTS, JANUARY 15, 2013 (Inland Revenue Department) – In keeping with our new thrust of providing better information to our stakeholders and improving the quality of services offered to the general public, proudly take this opportunity to notify you of the recent change made to the standard filing periods for several tax types administered by the Department.

Effective January 01, 2014, several taxes will no longer be filed with the Inland Revenue Department on a monthly basis, but rather, a quarterly filing and corresponding payment period.

Please click the link below to see the new filing and payment due date for the various tax types

Change in Filing & Payment Date to Several Tax Types
http://sknvat.com/vat-information/businesses


Also, please be reminded to access our E-Services via the following link https://www.sknird.com/

For more information on our E-Services, please contact the Inland Revenue Department: (869) 467- 1215/1540 or (869)-469-5856.

 


GENERAL GUIDE REGARDING VAT AND FINANCIAL FEES!!!


This brochure/leaflet seeks to provide tax payers with important information regarding VAT and Banks, Credit Unions & Financial Institutions Services and Fees which charged in connection with such services. To access via VAT-information/business.

Please click the link below

http://sknvat.com/vat-information/businesses

Tax Tips

Special Input tax rule for supplies at 10%

A taxpayer whose taxable activities include the provision of accommodation and restaurant services, subject to the reduced VAT rate of 10%, is not allowed to deduct in any given tax period, any input tax that exceeds its output tax both of which resulted from this reduced rate taxable activity.

Eg. A taxpayer who operates a guest house or a restaurant and calculates output tax for a particular tax period of $50,000 and allowable input tax for that period of $55,000, is not allowed to deduct $55,000. He/she must only deduct up to $50,000 although he incurred $55,000 in that period.

NB: This taxpayer must never carry forward a credit to the subsequent tax period.