Castries, Saint Lucia: Prime Minister Philip J Pierre has initiated the Tax Amnesty Programme, which is the biggest history made in Saint Lucia. The programme will consider local businesses, property owners and taxpayers.
Those who have incurred fines, penalties and interest charges on unpaid taxes to the government up to the financial year 2021 will qualify for a 100% waiver.
Reportedly, PM Pierre has decided to invest $780 million in fines, penalties and interest charges on unpaid taxes to the government. This decision will alleviate the financial strain on the citizens and local businesses.
Moreover, it allows local businesses, property owners and taxpayers to keep that money with them.
As per the sources, Prime Minister Pierre has already activated several tax exemption programmes. The programmes will provide the citizens of Saint Lucia a chance to fight against inflation on a daily basis.
The activated programmes consist of the following Value Added Tax (VAT) exemptions:
- The programmes provide VAT exemption on sanitary products that are price-controlled
- It also gives VAT exemption on selected building materials
- Provides VAT exemption on imported solar PV systems
- VAT exemption on imported medical equipment is also provided
Notably, the government of Saint Lucia has reduced the taxes on hybrid and electric vehicle imports from 35% to 5% due to the tax reforms that were introduced by the Prime Minister, low-income earners and government contractors who have more breathing room and time to decide and think.
Withholding tax on government contracts valued at $10,000 or less is eliminated for now. The income tax threshold is increased from $18,000 to $25,500 on an annual basis.
As per the result of the Prime Minister’s intervention, approximately 14,000 citizens of Saint Lucia are earning less than $25,500 per year and will have to pay $0 income tax.
Reportedly, the citizens of the nation are saving millions of dollars annually from tax exemptions and amnesty introduced by the Prime Minister.
The social and economic needs of everyday Saint Lucians will always influence the policy decisions that are taken by PM Pierre and the Cabinet of Ministers.
