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Saint Lucia's Budget Includes VAT Changes

by Mike Godfrey, Tax-News.com, Washington

09 June 2015


Proposals to raise Saint Lucia's value-added tax (VAT) registration threshold and broaden the tax's base were included in Saint Lucia's 2015-16 Budget.

The Budget included an increase to the Customs Service Charge rate on imports from five percent to six percent, plans to reform the annual vehicle license fees regime, and plans to overhaul the personal income tax regime to make it more progressive and to reduce the burden on low- and middle-income taxpayers.

The VAT registration threshold will be raised to XCD400,000 (USD148,000) from XCD180,000. Exporters will receive VAT refunds against tax incurred on inputs faster, and imported replacement goods provided free of charge due to product faults will be exempt.

The Government reported that the fiscal deficit fell from XCD213.5m in 2013/2014 to XCD138.8m in 2014/15. Receipts from VAT rose by 12.4 percent to XCD335.9 million. The relatively new levy, introduced on October 1, 2012, now accounts for more than a third of revenue receipts, partly due to an increase in the VAT rate for hotels from eight percent to 10 percent from April 2014 and also a narrowing of the list of VAT exempt goods and services.

TAGS: compliance | tax | value added tax (VAT) | Saint Lucia | VAT cross-border transactions | fees | services | VAT refunds | VAT compliance matters

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