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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Saint Kitts and Nevis Second Round Review (2018)

This report for Saint Kitts and Nevis has been published on 15 Oct 2018. You can browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place.   A partnership, that is not a regulated business or has not engaged a licensed service provider, must provide ownership information to the tax administration and/or the Registrar; however, a natural or legal person may be identified as a general partner and there is no obligation to identify a limited partner. Also, there is no requirement under the AML/CFT laws to verify the identity of a limited partner of a partnership that is a regulated business or has engaged a licensed service provider. Therefore, the ownership information available may not necessarily identify all beneficial owners of a partnership in line with the standard.  Saint Kitts and Nevis should ensure that information on all beneficial owners of a partnership is available in line with the standard in all cases. 
Phase 2 Rating Factors Recommendations
Largely Compliant.  Legal and beneficial ownership information in respect of ordinary and domestic companies, as well as information identifying the general partners (natural persons) of partnerships, is available if the entity is a regulated business or the entity engages a licensed service provider. Legal and beneficial ownership information on ordinary and domestic companies and information identifying the general partners (natural or legal persons) of LPs should also be available with the Registrars; however, not all companies comply with the obligation to file annual returns. In addition, the low compliance rate with tax filing obligations for companies and the small proportion of partnerships audited by the tax administration do not ensure that ownership information is available as required under the law in all cases.   Saint Kitts and Nevis should take further measures to ensure that legal and beneficial ownership information in respect of ordinary and domestic companies and information identifying the partners in, and the beneficial owners of, partnerships is practically available as required under the standard. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  Although Saint Kitts and Nevis authorities carry out supervisory measures focused on the availability of accounting information, these do not result in sufficient levels of compliance to ensure that the relevant accounting information (including underlying documentation) is available in all cases. Further, while enforcement measures have been taken against licensed service providers, no penalties have been directly applied to relevant legal entities or arrangements to ensure the availability of accounting information in all cases.   Saint Kitts and Nevis should take further supervisory measures and exercise enforcement measures, including against relevant legal entities and arrangements, to ensure the availability of accounting information in all cases as required under the standard. 
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.   While banks are required to verify the identity of general partners of a LP in line with the standard; there is no requirement to verify the identity of limited partners. Limited partners may be relevant for the identification of beneficial owners as defined under the standard.  Saint Kitts and Nevis should ensure that banks are required to identify all of the beneficial owners of a LP as required under the standard. 
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.  Saint Kitts and Nevis has powers in place to obtain all types of information but did not effectively exercise these powers in the one case where it was necessary in order to obtain information from an information holder.  Saint Kitts and Nevis should ensure that its powers to obtain information are used effectively so that the requested information can be provided in a timely manner. 
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.   This element involves issues of practice. Accordingly no determination on the legal and regulatory framework has been made.   
Phase 2 Rating Factors Recommendations
Compliant.