Berkeley Clock, The Circus, St. Kitts
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Going-Concern Criteria

Instead of starting up a new business yourself, you might buy a business that someone else has set up and already in operation. This is known as taking over a business as a going-concern.

To be a going-concern, a supply must meet these criteria:

  • It must be the supply of the whole or stand-alone part of a taxable activity, from a registered person to another registered person.
  • It must be the supply of all the goods and services necessary for the continued operation of the activity.
  • Both parties must agree in writing that there is a supply of a going-concern.
  • Both parties must intend that the activity is capable of being carried on as a going-concern by the purchaser. Such a sale by one registered person to another registered person is zero-rated (VAT content is nil).
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Contact Us

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The Tax Reform Unit (St. Kitts)
Inland Revenue Department
3rd Floor E.C. Daniel Building
Cayon Street
Basseterre
St. Kitts

Tel: (869) 467-1931
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

The Tax Reform Unit (Nevis)
Inland Revenue Department
Main Street
Charlestown
Nevis

Tel: (869) 469-5521 ext. 2221
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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