PM Pierre introduces Tax Exemption Programmes to waive $770 million taxes 

Castries, Saint Lucia: Prime Minister Philip J Pierre has introduced several Tax Exemption Programmes to give Saint Lucians a fighting chance against inflation. He has decided to waive approximately $780 million of fines, penalties and interest charges on unpaid taxes owed to the government. 

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

It is worth mentioning that PM Pierre has launched the largest Tax Amnesty Programme in the history of Saint Lucia. As per this program, local businesses, taxpayers and other entrepreneurs who owe the government fines, penalties and interest charges on unpaid taxes (as of fiscal year 2021) are eligible for a 100 per cent rebate. 

The items introduced under this tax exemption programme are as follows

– VAT exemption on Sanitary products (price-controlled)

– VAT exemption on selected building materials

– VAT exemption on imported medical equipment

– VAT exemption on imported solar PV systems

– Reduced the concession for hybrid and electric vehicle imports from 35 per cent to 5 per cent. 

The people of Saint Lucia expressed their delight and thankfulness to the prime minister for this initiative, as this tax exemption programme will support low-income earners and government contractors in saving money to have financial control over the materials. 

– 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

Moreover, the tax exemption and amnesty introduced by the leader of the country is saving Saint Lucians millions of dollars annually. 

According to the Government of Saint Lucia, as a result of PM Pierre’s intervention, approximately 14,000 citizens of island nations earning less than $25,500 per year will pay $0 income tax. 

Additionally, the everyday social and economic needs of the people of the Federation will always influence the policy decisions made by PM Pierre and the Council of Ministers. 

Notably, the Saint Lucia govt reminded the people to settle all their outstanding taxes, I.e., penalties, fines and interests, before the deadline of the ongoing Tax Amnesty Programme, which is fixed for May 1, 2024.