Saint Kitts And Nevis Budget Focuses On Compliance
by Mike Godfrey, Lowtax.net, Washington
21 December, 2018
Caribbean territory Saint Kitts and Nevis announced no new taxes or rate changes in its new Budget. However, it is planning a number of compliance initiatives and legislative amendments to conform with evolving international tax standards.
The Budget announces that the property tax amnesty has been extended until the end of this year. Further, the Government has announced it is developing the concept of a Tax Clearance Certificate, which could be obtained from those companies that are tax compliant. Such certificates would be required before companies can obtain "certain benefits" from the state, the territory said.
Further, the Government has announced that during December proposals will be tabled to amend sections of the Companies Act to fulfill commitments made to the EU on harmful tax practices, to ensure the territory does not end up on the EU's tax blacklist of non-cooperative territories.
Finally, it confirmed that, next year, efforts will continue to implement the measures proposed by the OECD to prevent base erosion and profit shifting (BEPS). Saints Kitts and Nevis is a member of the BEPS Inclusive Framework. As such, it has committed to implementing the BEPS minimum standards, on preventing treaty abuse, the introduction of country-by-country reporting rules, improving dispute resolution mechanisms, and tackling harmful tax practices.
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