Tax Advisory – Treatment of concession items on VAT returns filed

(Press release) St. Kitts and Nevis Inland Revenue Department, Basseterre, St. Kitts, July 12, 2024:  Instructions for Taxpayers on Filing VAT Returns during the concession period, or the tax periods of July, August and September 2024.  As part of the recently announced concessions on school supplies and cooling equipment (not for commercial use), NO VAT will be charged on these items.

To ensure compliance and proper reporting, please follow these simplified instructions:

1. File as you normally would

Continue to file your VAT Returns by the prescribed deadline as you normally would.

All items not subject to the concessions will be reported as normal.

2. Report Sales of Concession Items

Report the sales of eligible school supplies and cooling equipment on the Zero-Rated Supplies line of your VAT Return.

3. Complete the Monthly Concession Sales Schedule

Complete the Monthly Concession Sales Schedule on the IRD’s prescribed form. This includes:

• • Item Description (grouped by published listing)
  • Quantity Sold
  • Value of Items

4. Submit the Sales Schedule

Attach the completed Sales Schedule to your monthly VAT Return if filed manually. If you are filing online, email a copy of the Monthly Concession Sales Schedule to the Inland Revenue Department at inlandrevenue@ird.gov.kn (St. Kitts) or ird@niagov.com (Nevis) by the filing deadline.

When sending the email please ensure the subject line includes “Concession Monthly Sales Schedule” and your taxpayer identification number (TIN) to facilitate smooth processing.

5. Additional Information

Adhering to these simplified steps will ensure compliance within the VAT-free period on school supplies and cooling equipment. If you have any questions or require further assistance, please contact the Inland Revenue Department.