St. Lucia Prime Minister Philip J. Pierre Sparks Economic Boost: Small Contractors Celebrate the End of Withholding Tax on Government Contracts Under $10,000 contractors are speaking out
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In a groundbreaking move, St. Lucia’s Prime Minister Hon. Philip J. Pierre has dismantled the barrier hindering small contractors’ financial growth. The elimination of the 10% withholding tax on government contracts valued at $10,000 or less marks a triumph for the hardworking entrepreneurs of the nation.
This decisive action translates to a significant 10% increase in take-home earnings for small contractors, providing them with a substantial financial boost. With more revenue flowing into their pockets, these contractors now have the means to reinvest in their businesses, hire additional workforce, and strategically expand their operations.
The decision has prompted an outpour of appreciation from small contractors who have long yearned for such financial relief. Prime Minister Pierre’s initiative not only empowers individual entrepreneurs but also injects vitality into St. Lucia’s economy by fostering small business growth and sustainability.
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