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Personal Taxation in St Kitts & Nevis
 
 
 

General

There is no personal income tax in St Kitts & Nevis, but foreign nationals working in the country are required to obtain a work permit for which there is an annual charge of EC$1,500 ($635).

In the 2007 budget, it was announced that employed individuals and their employers would pay 8% to 10% of gross wages as social security contributions on salaries in excess of EC$8,000 monthly, up from 5%. Self-employed people pay 10%. Maximum earnings for contribution and benefit purposes: EC$6,500 per month.

In the 2008 budget, Prime Minister and Minister of Finance Denzil Douglas announced a review of the jurisdiction's tax system, and revealed that the government was exploring the merits of introducing a system of value-added tax. The VAT would consolidate a wide range of taxes including Consumption Tax, Mercantile Tax, Traders Tax, Hotel Room Tax, Island Enhancement Fund, Travel Tax, Insurance Premium Fee, Parcel Tax, Vehicle Rental Tax, Overseas Call and Telecommunication Fee, Export Duty and Rum Duty. It would also bring them under a single legislative and administrative framework.

In April 2009 St Kitts & Nevis Minister of Finance, Timothy Harris announced the introduction of a tax amnesty which will allow taxpayers, until September 30, 2009, to settle outstanding debts, as outlined in the 2009 budget. The tax amnesty will be offered to both registered and unregistered taxpayers.

The group of 18 taxes to which the amnesty will apply is comprised of Corporate Income Tax; Traders Tax; Consumption Tax on Services; Hotel Room and Restaurant Tax; Insurance Premium Tax; Gaming Machine Tax; Insurance Registration Fee; Travel Tax; Vehicle Rental Levy; Island Enhancement Levy; Withholding Tax; Property Tax; Tax on Lottery Proceeds; Business and Occupation Licence; Radio Licence; Telecom Services Licence; and Insurance Licence.

Capital Gains Tax

There is a capital gains tax of 20% on profits or gains derived from a transaction relating to assets located in the Federation which are disposed of within one year of the date of their acquisition.

Withholding Tax

Individuals and ordinary companies remitting payments to persons outside of the Federation must deduct 10% withholding tax from profits, administration, management or head office expenses, technical service fees, accounting and audit expenses, royalties, non-life insurance premiums and rent.

Property Taxes

The following is the land tax schedule for St Kitts & Nevis (showing the tax rate as US Dollars per acre):

all cultivated land on the island of St Kitts - $1.48;
all uncultivated land on the island of St Kitts - $0.37;
all cultivated or uncultivated land on the island of Nevis - $0.37.

In Special Development Areas, such as the South East Peninsula on St Kitts, there is a tax of 0.5% of the assessed market value of the land, or land and improvements.

A house tax is charged at the rate of 5% of the annual gross rental value for residences in St Kitts or Nevis with a 25% rebate for properties that are occupied by their owner solely as residence. The minimum annual rental value is EC$600 ($222) in St Kitts and EC$48 ($18) in Nevis.

Import Taxes

St Kitts & Nevis has adopted the common external tariff of CARICOM which ranges from 5% to 20%. In addition, the government imposes a stamp tax of 2% on imports and a consumption tax of 15% on many products, as well as a 3% Customs service charge.

 

 
 

 



 


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