Tweet

Empowering Citizens and Local Businesses with Unprecedented Financial Relief

In a bold move aimed at providing substantial financial relief to the citizens of Saint Lucia, Prime Minister Hon. Philip J. Pierre has initiated the largest tax amnesty program in the country’s history. Local businesses, property owners, and taxpayers burdened with fines, penalties, and interest charges on unpaid taxes up to the financial year 2021 are eligible for a 100% waiver.

Prime Minister Pierre’s decision to forgo nearly $780 million in fines and charges demonstrates a commitment to alleviating the financial strain on citizens and local businesses, allowing them to retain vital funds. The tax exemption initiatives go further to give everyday Saint Lucians a fighting chance against inflation.

Key initiatives include VAT exemptions on essential products like sanitary items and select building materials, as well as imported solar PV systems and medical equipment. Additionally, the Prime Minister has significantly reduced the concession for hybrid and electric vehicle imports from 35% to 5%.

Tax reforms introduced by Prime Minister Pierre extend to withholding tax elimination on government contracts valued at $10,000 or less, providing government contractors and low-income earners with increased financial flexibility. The income tax threshold has also been raised from $18,000 to $25,500 annually, resulting in approximately 14,000 Saint Lucians earning less than $25,500 paying zero income tax.

The collective impact of these measures is evident in the millions of dollars saved annually by Saint Lucians through tax exemptions and amnesties. Prime Minister Pierre’s commitment to addressing the social and economic needs of everyday citizens underscores the government’s dedication to fostering financial well-being and prosperity for all. The historic tax amnesty and exemption programs mark a significant step towards creating a more resilient and economically empowered Saint Lucia.