Castries, Saint Lucia: The Prime Minister of Saint Lucia, Philip J Pierre, has introduced the tax amnesty programme. The programme has been introduced to ease the burden on taxpayers.
The programme also allows the uncollected tax revenue from the citizens and businesses to remain with them.
As per the sources, in the year 2022, both the interest and penalty charges on outstanding taxes owed to the Inland Revenue Department (IRD) collected $780 million.
Reportedly, the government is potentially forging the collected $780 million into the revenue. The revenue will give everyday citizens and businesses a chance to fight in the face of high inflation and escalate the prices of food.
Considering the same, PM Pierre has mentioned that cancelling the penalties, fines and interest on outstanding tax payments will alleviate the financial strain on the citizens and local businesses.
According to the Prime Minister, the outstanding taxes are anticipated to be settled completely before May 01, 2024. Notably, the eligible taxpayers will benefit from a 100% waiver on all applicable charges.
The Inland Revenue Department (IRD) Tax Amnesty Programme is a voluntary programme that provides taxpayers with a great opportunity to settle outstanding tax liabilities on a much more favourable basis.
Recently, the government of Saint Lucia has approved the extension date of the amnesty programme for taxpayers who have outstanding tax arrears.
The tax arrears must be eligible considering the time period of all income years up to and including 2021. The IRD is offering the limited benefits that mainly include:
- 100% Waiver of Interest
- 100% Elimination of all penalties associated with liabilities
- 100% Elimination of collection fees
- Write-off of All tax liabilities, including interest, penalties and collection fees due prior to Income year 2000
The tax arrears can avail the benefit of the Tax Amnesty Programme till May 01, 2024, which has been started on May 01, 2022.
Taxes such as Personal Income Tax, Corporate Tax, Property Tax, Value Added Tax, Withholding/Contract Tax, Hotel Accommodation Tax, Motor Vehicle Rental Fee, Insurance Premium Tax, Travel Passenger Fee and earnings comprise the programme.
