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TAXATION in Nevis or St Kitts


Personal Income Tax

There is no personal income tax in St. Kitts.

Corporate Income Tax

Qualified companies enjoy full exemption from taxes on corporate profits for up to 15 years (see Trade and Investment Incentives Insert). Corporate tax is 35% of net profits. This tax does not apply to exempt companies or to enterprises that have been granted a tax concession.

Withholding Tax

Individuals and ordinary companies remitting payments to persons outside of St. Kitts must deduct 10% withholding tax from the following:

•  Profits
•  Administration, management or head office expenses
•  Technical service fees
•  Accounting and audit expenses
•  Royalties
•  Non-life insurance premiums
•  Rent

This tax does not apply to the profits of an approved enterprise, which is enjoying benefits under the Fiscal Incentives Act. This tax does not apply to exempt trusts, limited partnerships, companies or foundations.

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Property Taxes

There is a tax on land located in St. Kitts. This tax is minimal and is charged at various rates depending on the size, location and the nature of the land concerned. In Special Development areas, which currently refer only to the South East Peninsula, there is a tax of 0.5% of the assessed market value of the land, or land and improvements (including houses).

A house tax (which is not applicable to properties on the South East Peninsula) is charged at the rate of 5% of the annual gross rental value for residences in St. Kitts with a 25% rebate for properties that are occupied by their owner solely as a residence. The minimum annual rental value is EC$600.00 (US$222.00) in St. Kitts.

Other Taxes

There is no net worth tax, gift tax, sales tax, turnover tax, or estate duty.

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