PART 5
ASCERTAINMENT OF ASSESSABLE INCOME
Division 1 — Gains or Profits forming Assessable Income
32. Assessable income: general
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(1) Subject to this Part, the assessable income of any person includes the gains or profits from or by way of—
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(a) any business;
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(b) any employment;
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(c) rentals and royalties;
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(d) interest or discounts;
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(e) premiums, commissions, fees and licence charges;
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(f) annuities and other periodic receipts, including receipts by way of alimony or maintenance; and
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(g) any other gains or profits of an income nature which accrued to that person which are not included under any other paragraph of this subsection.
(Amended by Act 18 of 1990)
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(2) Subsection (1) shall not be construed so as to bring within the meaning of assessable income liable to assessment under Part 10 —
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(a) any income which is exempt under Part 4; or
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(b) any amounts accrued to a non-resident, other than from the carrying on of a business or the exercise of employment, which are liable to withholding tax under section 76;
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(c) in the case of a company, income that is deemed to have accrued from a source outside Saint Lucia in accordance with section 10A.
(Substituted by Act 12 of 2018)
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(3) Subsection (2)(c) does not apply to an international business company, incorporated prior to the 1st day of January, 2019, which has elected to pay one per cent income tax on its chargeable income under section 109(1)(b) of the International Business Companies Act. (Inserted by Act 16 of 2019)
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(4) Subsection (3) is deemed to have come into force on the 12th day of December, 2018. (Inserted by Act 16 of 2019)