St Vincent and the Grenadines TIN number guide
Tax Identification Number(TIN)
Tax Identification Numbers (TINs) are allocated to individuals and entities obligated to fulfill tax obligations as stipulated by the Income Tax Act and the Value Added Tax Act. The term "person" encompasses individuals, trusts, deceased estates, companies, partnerships, and other legal entities. Upon registration for tax payment, each entity receives a unique TIN.
In cases where a person is registered for multiple tax types, the core TIN remains unchanged, with additional digits appended to distinguish between different tax types. Once assigned, TINs are perpetual, and there is no renewal process presently conducted by the Inland Revenue Department.
TINs issued by the Inland Revenue Department adhere to a strictly numeric structure and are automatically generated by SIGTAS, the department's tax data management system. These TINs are prominently displayed on the National Driver's License Identification card issued by the Inland Revenue Department. Additionally, they appear on all receipts issued by the department to taxpayers upon payment of any tax type.
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Frequently Asked Questions
Does a newly incorporated SVG Business Company need a separate TIN from the Inland Revenue Department, or does FSA registration suffice?
FSA registration and a TIN are two distinct steps. Incorporating a Business Company (BC) through the Financial Services Authority gives the company legal existence, but it does not automatically generate a TIN. To obtain a TIN, the BC must separately register with the Inland Revenue Department (IRD) under the Income Tax Act and/or the Value Added Tax Act. Only after that IRD registration will SIGTAS assign a numeric TIN. Presenting only FSA incorporation documents to a local bank or supplier without an IRD-issued TIN will result in rejection of the account or invoice. [1] [2]
At what turnover must a business register for VAT, and what is the penalty for trading above the threshold without registering?
Any business whose annual gross taxable sales reach or exceed EC$300,000 (raised from EC$120,000 effective 1 May 2017) is legally required to register for VAT with the IRD before continuing to trade above that threshold. VAT is levied at 16% on standard-rated supplies. A business that crosses the threshold and continues invoicing without registering faces back-assessments for uncollected output tax, interest, and administrative penalties under the VAT Act. Voluntary registration is available below the threshold, which can benefit businesses that wish to claim input tax credits on purchases. [1] [2]
What withholding tax rates apply when an SVG-resident company pays interest, royalties, or service fees to a non-resident supplier?
Under Section 66 of the Income Tax Act (Cap. 435), SVG-resident payers must withhold tax at source on payments to non-residents. The rate is 15% for payments to residents of CARICOM member states and 20% for payments to all other countries. These rates apply to interest, royalties, and technical or professional service fees. Dividends paid to non-residents carry a 15% withholding rate. There is no blanket double-tax treaty network to reduce these rates for most jurisdictions, so foreign contractors receiving SVG-sourced income should factor the gross-up into their contract pricing. [1] [2]
Do SVG offshore Business Companies need to satisfy economic substance requirements, and what happens if they fail to file the FSA return?
Under the International Cooperation (Economic Substance) Act 2020, any SVG Business Company conducting a "relevant activity" — including banking, finance and leasing, fund management, headquarters, holding entity, insurance, intellectual property, shipping, or distribution and services centre business — must demonstrate economic substance and file an annual economic substance return with the FSA. Failure to file the required return or to notify changes in directors and members can result in a fine of up to US$20,000. Persistent non-compliance allows the Registrar to strike the company off the register, which terminates legal existence and can expose beneficial owners to personal liability. [1] [2]
Are SVG-registered Business Companies subject to CRS and FATCA reporting, and does that affect TIN obligations?
Yes. SVG enacted the Automatic Exchange of Financial Account Information (CRS) Act No. 31 of 2016 and signed a Model 1B Inter-Governmental Agreement with the United States under FATCA (Act No. 17 of 2015). Financial institutions incorporated or operating in SVG must collect and report the TINs of account holders who are tax residents of participating CRS jurisdictions or US persons. This means that any SVG BC that holds financial accounts — including bank accounts or brokerage accounts — will be asked to provide its IRD-issued TIN so that the financial institution can meet its CRS/FATCA filing obligations with the IRD as Competent Authority. [1] [2]
