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Fiscal Incentives Act amended

By GIS

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(GIS) – The Fiscal Incentives Act is the primary legislation governing the award of incentives to manufacturing, service or processing industries.

Fiscal incentives were introduced to facilitate local and foreign investment in the productive sector of the economy. In its current format, the Act offers a range of incentives to manufacturing entities including tax holidays up to a maximum of fifteen (15) years; waiver of import duties and consumption tax on imported plant machinery and equipment; and a waiver of import duties and consumption tax on imported raw materials and packaging.

Any manufacturer located in Saint Lucia can qualify for fiscal incentives if the enterprise manufactures an approved product (i.e. a product declared by order of Cabinet for manufacture by an approved enterprise). In light of a rapidly evolving global landscape for trade, commerce and development, the Government of Saint Lucia is being proactive in creating and sustaining conditions under which our private sector can continue to grow and compete on the international stage.

The following categories of business and services will now be able to benefit from Fiscal Incentives. These include:

PROFESSIONAL SERVICES
1. Accounting Services
2. Management Consulting Services
3. Photographic Services
4. Architectural Services
5. Engineering Services
6. Integrated Engineering Services
7. Printing and Publishing Services
8. Veterinary Service
9. Medical and Dental Services

CREATIVE INDUSTRIES
1. Motion Picture Projection Service
2. Entertainment Service
3. Sporting and other Recreational Services
4. Motion Picture Projection and Video Tape Production and Distribution Services

INFORMATION AND COMMUNICATIONS TECHNOLOGIES
1. Telecommunication Service
2. On-line information and/or data processing including transaction processing

SPA AND WELLNESS
1. Beauty and Spa
2. Physiotherapists and services provided by midwives, and para medical personnel
3. Medical Laboratories

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