Started on December 28th, 2018, amendments were adopted to the business corporation ordinance and the Limited Liability Company ordinance by the Nevis Island Administration. These amendments are in an effort, albeit temporarily, to comply with international standards. Further changes are expected early this year, although no further information is available.
The amendments eliminated tax exemptions in the legislation for Corporations and Limited Liability Companies in Nevis and replaced them with new provisions on corporate tax. The new amendments state that all companies, which do not carry on business in Nevis and that were established prior to December 31st, 2018 are exempt from all forms of Nevis taxation until the end of June, 2021.
It is expected that the Nevis Island Administration will make an announcement to introduce additional legislation to address tax regimes for Corporations and Limited Liability Companies established after January 1st, 2019.