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INCOME TAX ACT
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11.   Basis of assessment

Revised Laws of Saint Lucia (2022)

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11.   Basis of assessment

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    (1)   Subject to this section, the assessable income of a person for a year of income is the whole of income, ascertained in accordance with Part 5, which accrues to such person during that year.

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    (2)   Tax is charged for each year of income upon the chargeable income of any person for that year.

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    (3)   The gains or profits of a person for a year of income so far as such gains or profits arise from the carrying on of a trade, business, profession or vocation is—

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      (a)     where there is an established accounting terminal date, the gains or profits of the 12 months from the established accounting terminal date occurring in the year immediately preceding the year of income;

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      (b)     in the case of the commencement by any person of any trade, business, profession or vocation, the gains or profits from the date of commencement of such trade, business, profession or vocation occurring in the year immediately preceding the year of income or occurring in the year of income to such date in the year of income as may be agreed by the Comptroller which agreed date will become the established accounting terminal date;

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      (c)     in the event of a departure from the established accounting terminal date, the gains or profits for such 12 month period as the Comptroller in his or her discretion may determine in respect of the year of income in which the departure from the established accounting terminal date occurs and in respect of the next succeeding year of income; the accounting terminal date resulting from the change becomes the established accounting terminal date.

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    (4)   Where any person ceases to carry on his or her trade, business, profession or vocation, the gains or profits of such person arising from his or her trade, business, profession or vocation for the year of income in which he or she ceased to carry on his or her trade, business, profession or vocation is the gains or profits from the established accounting terminal date in the year immediately preceding the year of income to the date upon which he or she ceased his or her trade, business, profession or vocation.

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    (5)   Although the income of a business charged to tax under this section may be for a period greater or less than 12 months, any annual allowances shall be deductible for a year of income only by reference to a 12 month period.

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    (6)   In this section “established accounting terminal date” means the accounting date to which the accounts of any trade, business, profession or vocation of any person are ordinarily made up and accepted for the purposes of assessment under this Act or in the case of any new trade, business, profession or vocation, such date as may be agreed by the Comptroller.

Division 2 — Persons Chargeable to Tax

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