Saint Lucia: PM Philip introduces tax amnesty programme for taxpayers

Saint Lucia: Prime Minister Philip J. Pierre has introduced the tax amnesty programme to facilitate taxpayers and allow them to save

2024-07-07 15:53:24

Saint Lucia: PM Philip introduces tax amnesty programme

PC: Facebook

Saint Lucia: Prime Minister Philip J. Pierre has introduced the tax amnesty programme to facilitate taxpayers and allow them to save the uncollected tax revenue within their pockets. As per the information, the tax amnesty programme is beneficial for taxpayers, including those in the private sector, citizens, property owners and entrepreneurs, to maintain their tax profiles and to avoid additional charges. In 2022, interest and penalty charges on unpaid taxes owed to the Inland Revenue Department (IRD) amounted to $780 million. Since then, the Government has been actively serving by withholding $780 million in revenue to enable everyday citizens and businesses to fight against high inflation and escalating food prices. Further, the Government has taken various steps, including cancelling penalties, fines, and interest on outstanding tax payments. This will effectively reduce the financial strain on the citizens and local businesses. As per the Government, citizens can settle their outstanding taxes under the Amnesty Programme. The eligible taxpayers will benefit from a 100% waiver on all applicable charges. Reportedly, PM Pierre's tax amnesty programme is a timely policy response crafted to alleviate economic pressures on Saint Lucian businesses and households confronted by record-high inflation and instability in the global economy. Earlier, the Government of Saint Lucia reminded the public to take advantage of the ongoing tax amnesty programme on penalties, interest, and fines before the scheduled deadline of May 1, 2024. Further, the Government also encouraged the taxpayers and citizens to engage with the Government by visiting the IRD in the Heraldine Rock Building in Castries or contacting them at their given contacts. As per IRD (Inland Revenue Department), under the Amnesty programme, any individual or entity with a tax liability can take advantage and reap several benefits. Including:

100% Waiver of interest
100% Elimination of all penalties associated with liabilities.
100% Elimination of collection fees.
Write off ALL tax liabilities, including interest, penalties and collection fees due before Income Year 2000.

Further, the eligible taxes for the Amnesty Programme are:

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
Pay as you Earn

Sasha Baptiste

Sasha Baptiste reports on local Caribbean news with a strong focus on crime, justice, community issues, and entertainment. With a background in sociology and journalism, she brings a grounded, people-centered perspective to her reporting, shedding light on the challenges and resilience within Caribbean societies.