ST KITTS & NEVIS Law and Practice Contributed by: Dahlia Joseph Rowe and Daisy Joseph Andall, Joseph Rowe, Attorneys-at-Law
8.4 Income Tax Withholding for Foreign Investors There is no personal income tax in St Kitts and Nevis. However, the Income Tax Act imposes a 10% withholding tax if a person resident in the Federation pays to any person who is not resident any income as prescribed by the Act, including rental income and income under a lease or contract. 8.5 Tax Benefits There are no tax benefits from owning real estate per se.
Act prescribes a reduced duty or an exemption from paying stamp duty depending on various factors prescribed in the Act. By way of exam - ple, transfers made by or on behalf of the Frig - ate Bay Development Corporation or by or on behalf of the National Housing Corporation are exempt from stamp duty. An investor may apply to the government for concessions in relation to the taxes payable on the development project. Concessions are made with a view to stimulating investment in the local economy. 8.3 Municipal Taxes In accordance with the Licence on Business and Occupations Act, every person wishing to carry on a business, occupation or trade or practising any profession mentioned in the Schedule of the Act (hereinafter referred to as “business activi - ties”) is required to apply for a licence prior to carrying out those business activities. The fee to be paid would depend on the type of business activity being carried out, as prescribed by the Schedule of the Act.
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