Tax
Income Tax Act with VAT at 12.5 percent
The Income Tax Act taxes residents on worldwide income and charges corporation tax at 30 percent, with reliefs for approved enterprises. Value added tax is charged at 12.5 percent under the Value Added Tax Act, reduced from 15 percent, with a lower rate for hotel accommodation. The Inland Revenue Department administers direct tax and VAT, and Saint Lucia participates in automatic exchange of financial account information.
Key rules
- Jurisdiction — National taxation administered by the Inland Revenue Department
- Deadline — Income tax return: filed by 31 March following the year of assessment
- Deadline — VAT return: filed and paid by the 21st of the following month
- Deadline — Pay as you earn: remitted by the 15th of the following month
- Deadline — Property tax: payable annually on the assessed value
Governing law
- Income Tax Act
- Value Added Tax Act
- Property Tax Act
- Automatic Exchange of Financial Account Information Act
In practice
There is no capital gains tax and no estate duty, but the Income Tax Act catches gains that form part of a trade, so developers cannot assume that a profit on land is outside the charge. Saint Lucia's removal from EU and OECD monitoring lists depended on repealing the ring-fenced international business company benefits, and legacy structures should be reviewed rather than assumed still effective.