Organization : Inland Revenue Department
Type of Facility : VAT Registration
Country: St. Kitts & Nevis
Website : http://www.sknvat.com/getting-started-with-vat/introduction-to-vat
VAT Registration :
Value Added Tax (VAT) is a tax that is charged on most goods and services that VAT-registered businesses provide in the Federation. It is also charged on goods and some services that are imported from countries outside the Federation, and brought into St. Kitts and Nevis.
Related : Inland Revenue Department Corporate Tax Return Filing St.Kitts & Nevis : www.statusin.org/8311.html
VAT is a tax charged on most business transactions in St. Kitts & Nevis. Businesses add VAT to the price they charge when they provide goods and services to:
** Business customers – for example a stationery store purchases in bulk from a wholesale business will be charged VAT on the prices the items once they are taxable.
** Individual customers – (consumers) – for example consumers purchase groceries from a supermarket will be charged VAT on the items purchased as long as they are taxable.
** Government customers – for example government departments will be charged VAT on the items they purchase from businesses once items are taxable.
If you are a VAT-registered business, you will:
** Charge VAT on the goods and services you provide that are taxable and
** Reclaim most the VAT you pay when you buy goods and services for your business that are taxable
If you are not VAT-registered then you cannot reclaim the VAT you pay when you purchase goods and services.
When to Register:
If you’re unsure about whether to register for VAT, this guide will help to answer many of your questions. It explains when you must register and also when you can register voluntarily, and why you might benefit from voluntary registration. It also explains:
** the circumstances in which you can register
** the circumstances in which you can’t register
** the circumstances in which you don’t need to register and
** information relating to the calculation of your VAT taxable turn over
Who can and can’t register for VAT:
If you conduct a taxable activity that involves the supply of goods or services that are taxable, you may be required to register to charge VAT if you meet the registration threshold.
A “taxable activity” is defined under Section 6 of the VAT Act “as an activity which is carried on continuously or regularly by any person in St.Kitts and Nevis or partly, whether or not for profit, that involves or is, intended to involve, in whole or in part, the supply of goods or services to another person for consideration.”
You can apply for VAT Registration if:
In the case of the supply of goods (retail and wholesale)
** At the end of any period of 12 months or fewer months, your total value of taxable supplies, exceeds $150,000 or
** At the beginning of any period of three hundred and sixty five calendar days, there are reasonable grounds to expect that the total value of your taxable supplies will exceed $150,000.
You must not attempt to avoid registration by artificially separating business activities to reduce your turnover.
How to register?:
Can I register online?:
You cannot register online, but you can download the form from our website, complete it and submit it to the Inland Revenue Department.
Where can I obtain a paper application form to register for VAT?:
VAT registration application forms can be collected from the Inland Revenue Department, Bay Road and the 3rd Floor E. C. Daniel Building, Basseterre, St. Kitts and at Main Street, Charlestown, Nevis. Please note that only original application forms should be submitted and not photocopies.
What happens after I would have submitted my registration form?:
Tax officers may contact you subsequently to verify information on your return.
In addition, before you are registered officers will contact you to visit your place of business or schedule a VAT Advisory Visit.
Contact us at 469-5521 ext 2221 or 467-1931 for more information.