Sitting of the House of Assembly, Tuesday, February 3. (Photo credit: The Government of Saint Lucia)
The House of Assembly on Tuesday formally approved the temporary waiver of late-payment penalties and interest fees on old Value Added Tax (VAT) debts.
The papers were presented to the House by the Minister for Finance, Prime Minister Philip J Pierre, which saw Parliament validate the reduction of the penalty rate on unpaid VAT from 10 percent to zero percent. The waiver applies to VAT owed before December 31, 2023.
The zero percent penalty period started on May 1, 2024 and will end on May 2, 2026, giving businesses and individuals until that date to take advantage of the penalty waiver.
Prime Minister of Saint Lucia and Minister for Finance, Philip J Pierre. (Photo credit: The Government of Saint Lucia)
During Tuesday’s sitting, Pierre described public response to the ongoing amnesty as “mixed” — unlike the administration’s expectations of a more positive response. However, he likened the subdued response to a lack of proper promotion of the initiative.
According to Pierre, in excess of $30 million was collected during the amnesty. However, the prime minister described the amount as a “drop in the bucket” and called for understanding from the business sector, deeming the amnesty a beneficial policy for the country.
During the sitting, Parliament also validated the waiving of the 1.25 percent monthly interest fee on unpaid VAT up to December 31, 2023, setting it at zero percent. Similarly, the settlement period runs from May 1, 2024 to May 2, 2026, during which old VAT debts have stopped accruing interest.
Any third-party or user posts, comments, replies, and third-party entries published on the St. Lucia Times website (https://stluciatimes.com) in no way convey the thoughts, sentiments or intents of St. Lucia Times, the author of any said article or post, the website, or the business. St. Lucia Times is not responsible or liable for, and does not endorse, any comments or replies posted by users and third parties, and especially the content therein and whether it is accurate.
St. Lucia Times reserves the right to remove, screen, edit, or reinstate content posted by third parties on this website or any other online platform owned by St. Lucia Times (this includes the said user posts, comments, replies, and third-party entries) at our sole discretion for any reason or no reason, and without notice to you, or any user. For example, we may remove a comment or reply if we believe it violates any part of the St. Lucia Criminal Code, particularly section 313 which pertains to the offence of Libel. Except as required by law, we have no obligation to retain or provide you with copies of any content you as a user may post, or any other post or reply made by any third-party on this website or any other online platform owned by St. Lucia Times. All third-parties and users agree that this is a public forum, and we do not guarantee any confidentiality with respect to any content you as a user may post, or any other post or reply made by any third-party on this website. Any posts made and information disclosed by you is at your own risk.
