Three-year tax exemption passed

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Three-year tax exemption passed

(PRESS RELEASE) – The Government of Saint Lucia continues to deliver on tax relief measures, by passing an amendment to allow residential property owners to benefit from a three-year exemption on Land and House Tax for 2017, 2018 and 2019.

The relief measure forms part of the government’s “Five to Stay Alive” pre-election promise, which has already seen the government reduce Value Added Tax (VAT), cut the former administration’s Vehicle License Increase by 50 percent, and increase school feeding program and school transportation subsidies.

Prime Minister and Minister for Finance, Economic Growth, Job Creation, External Affairs, and the Public Service, Hon. Allen Chastanet, brought the legislation before the House of Assembly on Tuesday, Oct. 31, explaining that the three-year exemption will benefit 11,220 registered residential homeowners who will save a collective total of $5.2 million annually.

Said Prime Minister Chastanet: “It means that the owner of a residential property will not pay land and house tax for the three mentioned years. The total impact of this three-year exemption is that residential homeowners obtain a reprieve from current taxes, and have an opportunity to take advantage of the ongoing tax amnesty to settle their arrears with the Inland Revenue Department. In addition, it provides the Property Tax Division an opportunity to further strengthen its administrative framework to enhance the administration of property taxes in Saint Lucia.”

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