Third update for clients of AMS Trustees (Nevis) Limited
Recently we informed you that the Inland Revenue Department (”IRD”) of the government of St. Kitts and Nevis introduced a regulatory initiative under which entities will be required to file a Simplified Tax Return (CIT-101 Tax Return) annually with the IRD.
This new requirement to file the Simplified Tax Return applies to all entities that are registered under the Nevis Business Corporations Ordinance and the Limited Liability Companies Ordinance. Going forward Directors of Nevis Corporations as well as Managers of Limited Liability Companies will be required to sign a declaration and provide the IRD with information about tax residence, activities and income of entities, etc. (as applicable).
The Simplified Tax Return will need to be filed by AMS as the registered agent of your entity; however, all required information must be provided by the Director(s)/Manager(s) of the entities to AMS.
Filing relief granted by the IRD of St. Kitts and Nevis.
The initial due date to file the first Simplified Tax Return was August 26, 2020. Since it was practically impossible for clients of AMS and our industry peers in Nevis to meet this filing deadline, we signed on to a petition by the Nevis International Service Providers Association (NISPA) to request the IRD for additional guidance on the specifics of this regulatory initiative as well as for filing relief.
The IRD has responded to this industry petition and has now granted filing relief by moving the due date for the first Simplified Tax Return from August 26 to October 31, 2020.
What’s next ?
If you visit our website you will find copy of the CIT-101 form and its Guidelines under https://amsfinancial.com/location/nevis.
We would like you to review, complete and return the CIT-101 form to us before October 20 along with the signed Declaration at the end of this form.
This will allow us to file the form CIT-101 on behalf of the Nevis entity for which we act as Registered Agent before the deadline of October 31, 2020.
Our minimum fee to file the CIT-101 will be US$ 300, but additional fees will apply in cases where robust review and additional support is required..