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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

Back to Revised Laws of Saint Lucia (2023)

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PART 6
ASCERTAINMENT OF CHARGEABLE INCOME: DEDUCTIONS AND ALLOWANCES

PART 6 ASCERTAINMENT OF CHARGEABLE INCOME: DEDUCTIONS AND ALLOWANCES

1. Short title and application

2. Interpretation

3. Comptroller of Inland Revenue

4. Delegation by Comptroller

5. Indemnity against liability for acts done

7. Charge to tax: general

8. Scope of charge to tax

9. Income accrued: meaning of

10. Income deemed to have accrued from sources whether in or outside Saint Lucia

10A. Income deemed to have accrued from a source outside Saint Lucia

11. Basis of assessment

12. Persons chargeable: general

13. Married women

14. Minor children: dispositions to

15. Settlements and wills

16. Revocable dispositions

17. Deceased persons

18. Estates of deceased persons

19. Incapacitated persons

20. Insolvent persons

21. Partnerships

22. Non-resident persons

23. Transactions involving liability to tax

24. Responsibility of representative taxpayers

26. Exemption: hotels

27. Exemption: income from residential accommodation

28. Exemption: interest from housing mortgages

29. Exemption: interest paid on approved borrowings by mortgage companies

30. Comptroller may require Company to keep special account

31. Exemption: approved enterprises for fiscal incentive relief

32. Assessable income: general

33. Business income

34. Employment income

35. Loans or advances by a controlled company to a shareholder, director or higher paid employee

36. Rental income

37. Deductions allowable : general

38. Deductions allowable : specific

39. Restrictions on deductions: management charges and certain payments by controlled companies to shareholder

40. Capital allowance

41. Deduction for losses

41A. Interpretation in respect of sections 41B to 41J

41B. Determination of subsidiary company

41C. Claim for group relief

41D. Companies joining group

41E. Relief obtainable once for the same amount

41F. Aggregate of claim

41G. Capital Allowances

41H. Tax recovery

41I. Exempt companies

41J. Profits and losses and distribution or charge on income vis-a-vis group relief

41K. Exemption from stamp duty

42. Deductions not allowable under more than one provision

43. Expenditure for which no deduction allowable

44. Concessional deductions: General

45. Personal allowance to individuals

46. Allowance for spouse

47. Deduction for maintenance or alimony

48. Deduction for maintenance of children

49. Deduction for education of certain children

50. Deduction for higher education

51. Allowance for housekeeper

52. Allowance for dependent relative

53. Deduction for contributions to life assurance, or other retirement benefits

54. Deduction for mortgage interest, rates and insurance on owner occupied property

55. Deduction for gifts for certain approved purposes

56. Deduction for medical expenses

57. Deductions for payments to co-operative or building society

58. Deduction for interest on student loan

59. Deductions for purchase of new shares in a Resident Public Company

59A. Deduction for hobby farming

59B. Deduction for community road rehabilitation works project

59C. Deduction for the purchase and installation of photovoltaic systems

60. International agreement for the avoidance of double taxation

61. General insurance companies and associations of underwriters

62. Life assurance companies

63. Approved pension funds

64. Deductions dependent on place where fund established

65. Interpretation of this Part

66. Applications for registration

67. Conditions subject to which registration may be granted

68. Permitted provisions in annuity contracts

69. Registration

70. Change in annuity contracts

71. Withdrawal of registration

72. Comptroller to be notified of payments under annuity contract and to be provided with returns

73. Allowable deductions

74. Deductions for payments to a RHOS plan

75. Tax Credit in respect of Foreign Currency from Income Year 2001 onwards

75A. Employee retention tax credit

75B. Eligibility for employee retention tax credit

75C. Application for an employee retention tax credit

75D. Application period for an employee retention tax credit

75E. Approval of an application for an employee retention tax credit

75F. Refusal of an application for an employee retention tax credit

76. Deduction of tax from payments made to non-resident

77. Deduction of tax by employers

78. Deduction of tax from payments to contractors

79. Indemnification for tax paid to Comptroller

80. Rates of tax

81. Credit for tax deducted or paid

82. Credit for tax paid outside Saint Lucia

83. Calculation of tax credit for foreign tax

84. Returns of income: general

85. Returns of income: cessation of income during any year of income

86. Returns of income: where no return furnished

87. Further return or information, production of books and giving of evidence to Comptroller

88. Examination of business records

89. Powers of entry

90. Maintenance of proper records of transactions, methods of accounting and preservation of books of account and records

91. Submission of accounts with return of income and certificate relating to preparation of accounts

92. Principal officer of company

93. Precedent partner of partnership

94. Returns deemed to be furnished by due authority and in full knowledge of contents

95. Returns: method of furnishing

96. Returns: extensions of time for furnishing

97. Assessments

98. Additional assessment

99. Transactions designed to avoid liability to tax

100. Reduced assessments

101. Determination of assessed loss

102. Time limits for assessments

103. Notice of assessment

104. Record of assessment

105. Finality of assessment

106. Objection to assessment

107. Decision by Comptroller on objection

108. Appeal Commissioners

109. Appeal from decision by Comptroller

110. Hearing by Appeal Commissioner

111. Right of further appeal

112. Payment of tax suspended by objection or appeal

113. Advance payment of tax

114. When tax is due and payable

115. Interest on unpaid tax

116. When tax deducted from remuneration, payments to contractors or payments to non-residents is due and payable

117. Interest on unpaid tax deductions

118. Recovery of tax by court action

119. Recovery of tax by distraint

120. Obstruction of officers

121. Recovery of tax as privileged debt by registration as judgement debt

122. Recovery of moneys from persons leaving Saint Lucia

123. Recovery of tax from assets of certain dispositions

124. Recovery of tax from representative taxpayer

125. Right of representative tax payer to indemnity

126. Personal liability of representative taxpayers

127. Recovery of tax from persons holding money for another person

128. Priority of tax debt upon bankruptcy or liquidation

129. Refund of tax overpaid

130. Remission of tax

131. Penalties: general

132. Penalties: failure to furnish return of income

133. Penalties: failure to furnish correct return of income

134. Penalties: failure to pay tax by due date

135. Penalties: failure to deduct tax or account for tax deducted

136. Penalties: failure to comply with notice to give information, produce documents or give evidence to Comptroller

137. Notice of intention to impose penalty to be given

138. Sanction for prosecution

139. Offences: breach of secrecy

140. Offences: failure to comply with requirements of the Act

141. Offences: intent to evade liability to tax

142. Offences: deduction of withholding tax and tax from payments to contractors

143. Offences: by employers or employees

144. Offences: evasion of tax in relation to deduction of tax by employer

145. Aiding or abetting an offence

146. Mitigation of penalties and compounding of offences

147. Time limits for proceedings to be taken

148. Forms of notices and returns

149. Service of notices or documents

150. Change of address for service of notice

151. Regulations

152. Amendment of Schedules and rates specified in the Act

PART 1 PRELIMINARY

1. Short title and application

2. Interpretation

PART 2 ADMINISTRATION

3. Comptroller of Inland Revenue

4. Delegation by Comptroller

5. Indemnity against liability for acts done

PART 3 IMPOSITION OF INCOME TAX

7. Charge to tax: general

8. Scope of charge to tax

9. Income accrued: meaning of

10. Income deemed to have accrued from sources whether in or outside Saint Lucia

10A. Income deemed to have accrued from a source outside Saint Lucia

11. Basis of assessment

12. Persons chargeable: general

13. Married women

14. Minor children: dispositions to

15. Settlements and wills

16. Revocable dispositions

17. Deceased persons

18. Estates of deceased persons

19. Incapacitated persons

20. Insolvent persons

21. Partnerships

22. Non-resident persons

23. Transactions involving liability to tax

24. Responsibility of representative taxpayers

PART 4 EXEMPT INCOME

26. Exemption: hotels

27. Exemption: income from residential accommodation

28. Exemption: interest from housing mortgages

29. Exemption: interest paid on approved borrowings by mortgage companies

30. Comptroller may require Company to keep special account

31. Exemption: approved enterprises for fiscal incentive relief

PART 5 ASCERTAINMENT OF ASSESSABLE INCOME

32. Assessable income: general

33. Business income

34. Employment income

35. Loans or advances by a controlled company to a shareholder, director or higher paid employee

36. Rental income

37. Deductions allowable : general

38. Deductions allowable : specific

39. Restrictions on deductions: management charges and certain payments by controlled companies to shareholder

40. Capital allowance

41. Deduction for losses

41A. Interpretation in respect of sections 41B to 41J

41B. Determination of subsidiary company

41C. Claim for group relief

41D. Companies joining group

41E. Relief obtainable once for the same amount

41F. Aggregate of claim

41G. Capital Allowances

41H. Tax recovery

41I. Exempt companies

41J. Profits and losses and distribution or charge on income vis-a-vis group relief

41K. Exemption from stamp duty

42. Deductions not allowable under more than one provision

43. Expenditure for which no deduction allowable

44. Concessional deductions: General

45. Personal allowance to individuals

46. Allowance for spouse

47. Deduction for maintenance or alimony

48. Deduction for maintenance of children

49. Deduction for education of certain children

50. Deduction for higher education

51. Allowance for housekeeper

52. Allowance for dependent relative

53. Deduction for contributions to life assurance, or other retirement benefits

54. Deduction for mortgage interest, rates and insurance on owner occupied property

55. Deduction for gifts for certain approved purposes

56. Deduction for medical expenses

57. Deductions for payments to co-operative or building society

58. Deduction for interest on student loan

59. Deductions for purchase of new shares in a Resident Public Company

59A. Deduction for hobby farming

59B. Deduction for community road rehabilitation works project

59C. Deduction for the purchase and installation of photovoltaic systems

PART 7 SPECIAL PROVISIONS RELATING TO CERTAIN TAXPAYERS

60. International agreement for the avoidance of double taxation

61. General insurance companies and associations of underwriters

62. Life assurance companies

63. Approved pension funds

64. Deductions dependent on place where fund established

65. Interpretation of this Part

66. Applications for registration

67. Conditions subject to which registration may be granted

68. Permitted provisions in annuity contracts

69. Registration

70. Change in annuity contracts

71. Withdrawal of registration

72. Comptroller to be notified of payments under annuity contract and to be provided with returns

73. Allowable deductions

74. Deductions for payments to a RHOS plan

75. Tax Credit in respect of Foreign Currency from Income Year 2001 onwards

75A. Employee retention tax credit

75B. Eligibility for employee retention tax credit

75C. Application for an employee retention tax credit

75D. Application period for an employee retention tax credit

75E. Approval of an application for an employee retention tax credit

75F. Refusal of an application for an employee retention tax credit

76. Deduction of tax from payments made to non-resident

77. Deduction of tax by employers

78. Deduction of tax from payments to contractors

79. Indemnification for tax paid to Comptroller

PART 8 ASCERTAINMENT OF TAX PAYABLE

80. Rates of tax

81. Credit for tax deducted or paid

82. Credit for tax paid outside Saint Lucia

83. Calculation of tax credit for foreign tax

PART 9 RETURNS AND NOTICES

84. Returns of income: general

85. Returns of income: cessation of income during any year of income

86. Returns of income: where no return furnished

87. Further return or information, production of books and giving of evidence to Comptroller

88. Examination of business records

89. Powers of entry

90. Maintenance of proper records of transactions, methods of accounting and preservation of books of account and records

91. Submission of accounts with return of income and certificate relating to preparation of accounts

92. Principal officer of company

93. Precedent partner of partnership

94. Returns deemed to be furnished by due authority and in full knowledge of contents

95. Returns: method of furnishing

96. Returns: extensions of time for furnishing

PART 10 ASSESSMENT OF TAX

97. Assessments

98. Additional assessment

99. Transactions designed to avoid liability to tax

100. Reduced assessments

101. Determination of assessed loss

102. Time limits for assessments

103. Notice of assessment

104. Record of assessment

105. Finality of assessment

PART 11 OBJECTIONS AND APPEALS

106. Objection to assessment

107. Decision by Comptroller on objection

108. Appeal Commissioners

109. Appeal from decision by Comptroller

110. Hearing by Appeal Commissioner

111. Right of further appeal

112. Payment of tax suspended by objection or appeal

PART 12 PAYMENT, RECOVERY AND REFUND OF TAX

113. Advance payment of tax

114. When tax is due and payable

115. Interest on unpaid tax

116. When tax deducted from remuneration, payments to contractors or payments to non-residents is due and payable

117. Interest on unpaid tax deductions

118. Recovery of tax by court action

119. Recovery of tax by distraint

120. Obstruction of officers

121. Recovery of tax as privileged debt by registration as judgement debt

122. Recovery of moneys from persons leaving Saint Lucia

123. Recovery of tax from assets of certain dispositions

124. Recovery of tax from representative taxpayer

125. Right of representative tax payer to indemnity

126. Personal liability of representative taxpayers

127. Recovery of tax from persons holding money for another person

128. Priority of tax debt upon bankruptcy or liquidation

129. Refund of tax overpaid

130. Remission of tax

PART 13 OFFENCES

131. Penalties: general

132. Penalties: failure to furnish return of income

133. Penalties: failure to furnish correct return of income

134. Penalties: failure to pay tax by due date

135. Penalties: failure to deduct tax or account for tax deducted

136. Penalties: failure to comply with notice to give information, produce documents or give evidence to Comptroller

137. Notice of intention to impose penalty to be given

138. Sanction for prosecution

139. Offences: breach of secrecy

140. Offences: failure to comply with requirements of the Act

141. Offences: intent to evade liability to tax

142. Offences: deduction of withholding tax and tax from payments to contractors

143. Offences: by employers or employees

144. Offences: evasion of tax in relation to deduction of tax by employer

145. Aiding or abetting an offence

146. Mitigation of penalties and compounding of offences

147. Time limits for proceedings to be taken

PART 14 MISCELLANEOUS

148. Forms of notices and returns

149. Service of notices or documents

150. Change of address for service of notice

151. Regulations

152. Amendment of Schedules and rates specified in the Act

SUBSIDIARY LEGISLATION

Income Tax (Evasion of Tax Payment) (Prevention) Rules – Section 151 (Statutory Instruments 18/1971, 19/1977, 38/1993 and 32/1998)

2. Exit Certificates

3. Persons Exempted from Operation of Rule 2

4. Immigration Officer to grant Permission to Leave

5. Power of Comptroller to forbid sale of Ticket

6. Right of Appeal

7. Power of Police to Prevent Departure of Persons

Income Tax (Exemptions) Proclamations – Section 25 (Statutory Instruments 5/1924 and 93/1941)

Income Tax (Double Taxation Relief) (United Kingdom) Order – Section 60 (Statutory Instruments 33/1949, 33/1951 and 25/1968)

Income Tax (Double Taxation Relief) (Canada) Order – Section 60 (Statutory Instrument 19/1953)

Income Tax (Double Taxation Relief) (Sweden) Order – Section 60 (Statutory Instrument 50/1954)

Income Tax (Double Taxation Relief) (Denmark) Order – Section 60 (Statutory Instrument appearing in volume 7, page 1106 of the 1957 Revision of the Laws of Saint Lucia)

Income Tax (Double Taxation Relief) (Norway) Order – Section 60 (Statutory Instrument appearing in volume 7, page 1119 of the 1957 Revision of the Laws of Saint Lucia)

Income tax (Double Taxation Relief) (U.S.A.) Order – Section 60 (Statutory Instrument 42/1958)

PART 1 CONVENTION BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE GOVERNMENT OF THE UNITED STATES OF AMERICA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON

PART 2 PROTOCOL

Income Tax (Double Taxation Relief) (Switzerland) Order – Section 60 (Statutory Instrument 16/1965)

Income Tax Forms Rules – Section 151 (Statutory Instrument 42/1949)

3. Forms may be obtained at Treasury

Income Tax Appeals Against Assessments Rules – Section 151 (Statutory Instrument 14/1924)