2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

PART 4
PROFIT AND LOSS ACCOUNT

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    (1)   Current operating earnings —

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      (a)     Interest on Loans and Advances and Discounts;

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      (b)     Amount of income from investments detailing the attractable category of investments;

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      (c)     Exchange, commission and service charge;

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      (d)     Other current operating earnings.

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    (2)   Current operating expenses —

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      (a)     Interest on deposits —

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        (i)     on Savings Accounts,

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        (ii)     other interest bearing deposits;

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      (b)     Remuneration to employees;

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      (c)     Directors emoluments and other associated expenses;

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      (d)     Amount of provision for depreciation, renewals and in value of fixed assets;

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      (e)     Allowance for losses and bad debts;

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      (f)     Management fees and Head Office expenses;

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      (g)     Interest on debenture and other fixed loans;

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      (h)     Discount on shares issued; and

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      (i)     Other current operating expenses.

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    (3)   Net before taxes.

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    (4)   Income tax on profits.

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    (5)   Net operating earnings.

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    (6)   Gross dividends on profits —

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      (a)     payable locally;

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      (b)     payable overseas.

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    (7)   Net retained profit or losses.