Saint Lucia Announces Various Tax Reforms

The Saint Lucian Government Jan. 23 announced various tax reforms. The announcement includes: 1) the VAT exemption on sanitary products, specific building materials, imported solar photovoltaic (PV) systems, and imported medical equipment; 2) the reduction in concession for hybrid and electric vehicles to 5 percent from 35 percent; 3) the elimination of withholding tax on government contracts valued at 10,000 Eastern Caribbean dollars (US$3,701) or less; 4) an increase in the annual income tax threshold to 25,500 dollars (US$9,438) from 18,000 dollars (US$6,660); and 5) a 100 percent waiver of fines, penalties, and interest charges on unpaid taxes, up to ...