stluciatimes, caribbean, caribbeannews, stlucia, saintlucia, stlucianews, saintlucianews, stluciatimesnews, saintluciatimes, stlucianewsonline, saintlucianewsonline, st lucia news online, stlucia news online, loop news, loopnewsbarbados

spot_img

WATCH: PM’s Office Touts Millions In Tax Exemptions

spot_img

Prime Minister Hon. Philip J. Pierre has initiated the biggest tax amnesty programme in the history of Saint Lucia.

Local businesses, property owners and taxpayers who have incurred fines, penalties and interest charges on unpaid taxes to the government (up to financial year 2021) qualify for a 100% waiver.

Prime Minister Pierre has chosen to forgo nearly $780 million in fines, penalties and interest charges on unpaid taxes to the government.

This decision will alleviate the financial strain on our citizens and local businesses and allow local businesses, property owners and taxpayers to keep that money.

The Prime Minister has activated several tax exemption programmes to give everyday Saint Lucians a fighting chance against inflation.

✅  VAT exemption on sanitary products (price-controlled)
✅  VAT exemption on select building materials
✅  VAT exemption on imported solar PV systems
✅  VAT exemption on imported medical equipment
✅  Reduced the concession for hybrid and electric vehicle imports from 35% to 5%

Thanks to tax reforms introduced by the Prime Minister, low-income earners and government contractors have more breathing room.

✅  Withholding tax on government contracts valued at $10,000 or less is eliminated
✅  The income tax threshold has been increased from $18,000 to $25,500 annually

As a result of Prime Minister Pierre’s intervention, approximately 14,000 Saint Lucians earning less than $25,500 a year will pay $0 income tax.

Saint Lucians are saving millions of dollars annually from tax exemptions and amnesties introduced by the Prime Minister.

The social and economic needs of everyday Saint Lucians will always influence the policy decisions taken by Prime Minister Pierre and the Cabinet of Ministers.

SOURCE: Office of the Prime Minister

Please note that comments are moderated. When commenting, please remember: 1) be respectful of all, 2) don't make accusations or post anything that is unverified, 3) don't include foul language, 4) limit links, 5) use words, not volume, and 6) don't add promotional content. Comments that do not meet the above criteria or adhere to our "Commenting Policy" will not be published.

6 COMMENTS

  1. A document should be made public on what and what are primarily tax exempted so importers can know if this tax exemption system is only benefitted the big guns, because when you do look at it under a microscope there are a lot of loopholes and also low income earners who will never know how to enjoy the benefits. Major medical and pharma importers will only enjoy a massive profit margin because our consumer affairs department is back sleeping. They will never know what items specifically are being classified as tax exemption and if at all those items being reduce at the pocket level of consumers because not everyone can import a prescription list weekly. So unless you provide the public with a detail list of what and what is specifically exempted then we can see how it benefit the common man if such doesn’t happen then you can count it as a waste proposal because the mega ones will benefit and the ones who it was tailored for will never enjoy it.

  2. Saint Lucians earning less than $25,500 a year will pay $0 income tax.

    While they’re the biggest burden on the public pursue. These make the most children, meaning more schools and other free public services for their kids. They are more likely to not take care of their health meaning higher health care costs for the nation as we know they go to public hospitals and don’t pay the bills. A higher toll on law enforcement as more crime originates in these areas. So those who give nothing take the most.

    That’s a big brained move right there Philip. Talk about the lunatics running the asylum.

  3. That’s hundreds of millions lost. Those hundreds of millions have to come from somewhere. Keep rewarding disorderly, lawless behaviour to see where it gets you.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

TRENDING

Subscribe to our St. Lucia Times Newsletter

Get our headlines emailed to you every day.

Share via
Send this to a friend