Castries, February 05th, 2020; The Ministry of Commerce, International Trade, Investment, Enterprise Development and Consumer Affairs wishes to inform the public of the recent amendment of the Fiscal Incentives Act Cap. 15.16 to include four (4) sub-sectors of the services industry; namely – Creative Industry, Professional Services, Spa and Wellness and ICT.
The Approved Servicesunder the sub-sectors are as follows:
1) Creative Industries
2) Professional Services
3) Spa and Wellness
The Approved Services qualify for exemption from Customs Duties and Excise Tax on plant, equipment, machinery, spare parts, raw materials or components.
The Act was also amended to allow manufacturing and processing industries that have exhausted the previous limit of fifteen (15) years to benefit from additional income tax exemption for a period not exceeding five (5) years, based on the level of investment as follows:
|New Investment from EC$1 Million up to EC$5 Million||50% Corporate Tax|
|New Investment in excess of EC$5 Million.”.||75% Corporate Tax|
The Ministry encourages qualifying Companies registered in Saint Lucia, to take advantage of the provisions of the Act to enhance their productivity, efficiency and competitiveness.
For further information and guidance, kindly contact the Commerce and Industry Unit at 468-4214 or 468-4210.