Persons who have businesses that are currently making gross sales of $120,000 per year or $10,000 per month are required to register for VAT according to the Value Added Tax Act of Saint Vincent and the Grenadines. This requirement is a mandatory one for all businesses and service providers who would meet the threshold. Persons who are required to register includes sole traders, partnerships, companies, unincorporated entities and service providers such as Lawyers, Accountants, Contractors, Plumbers and Hairdressers, to name a few.
Registered persons therefore have the responsibility to charge and collect VAT, and thus act as agents for the government. Registered taxpayers have no later than fifteen (15) calendar days after the tax period (which is one month) to file their VAT return. For example, Return for the month of May 2007, would be due on June 15th 2007.
Give accurate information to the Inland Revenue Department at all times. Remember to bring your ID as it maybe required
You should immediately turn in the number plates to the police
Pensioners should bring in LIFE CERTIFICATES TWICE yearly; beginning of January and July.
All deaths should be reported.
Salaries are paid on the 2nd to last working day of the month except otherwise specified, for example Christmas and Independence Day.
The law requires, that in respect of each year, every individual who: