75. Tax Credit in respect of Foreign Currency from Income Year 2001 onwards
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(1) Where from income year 2001 and subsequent income years a person carrying on business in Saint Lucia derives assessable income from qualifying professional services and the Comptroller is satisfied that an amount of foreign currency earnings has been transferred to the credit of that person within the income year or within such later time as the Comptroller in his or her discretion may allow—
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(a) by the transfer of foreign currency to Saint Lucia through the Saint Lucia banking system;
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(b) by payment outside Saint Lucia in foreign currency in an account held in a bank outside Saint Lucia;
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(c) by payment in Saint Lucia in E.C. Currency from funds held in Saint Lucia which would be legally remittable from Saint Lucia,
in computing the tax payable for that income year, there shall be set off against the tax payable, a foreign currency tax credit, calculated in the manner specified in Schedule 8.
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(2) For the purposes of this section—
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(a) “foreign currency earnings” means the gross amount of foreign currency earnings received from fees, premiums, rewards or payments from work performed in respect of qualifying professional service;
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(b) “qualifying professional services” are as specified in paragraphs 3 and 4 of Schedule 8.
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(3) The Minister may by order amend, vary or revoke the Schedule.
(Inserted by Act 9 of 2001)