WATCH: PM’s Office Touts Millions In Tax Exemptions – St. Lucia Times

The content originally appeared on: St. Lucia Times News

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

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