Ministry of Commerce amends Fiscal Incentives Act

The Ministry of Commerce has amended the Fiscal Incentives Act to include four (4) sub-sectors of the services industry; namely – Creative Industry, Professional Services, Spa and Wellness and ICT.

The Approved Services under the sub-sectors are as follows:

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:

Investment Exemption 
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.