(1) Subject to the provisions of section 6, in addition to the tax payable by virtue of section 61 of the Income Tax Act on the taxable income of a company, there shall be charged, levied and collected in respect of every income year a tax on the premium income of an insurance company carrying on life insurance business as calculated in accordance with section 4 of this Act.
(2) Subject to the provisions of section 6, in addition to the tax payable by virtue of section 61 of the Income Tax Act on the taxable income of a company, there shall be charged, levied and collected in respect of every income year a tax on the premium income of an insurance company carrying on general insurance business as calculated in accordance with section 5 of this Act.
(3) For purposes of this section a company shall be considered to be carrying on insurance business although it has ceased to issue contracts of insurance if it continues to collect premiums on existing contracts of insurance.
(4) The insurance agent of a foreign insurance company shall deduct or withhold an amount from the premium income of such company at the rate specified in sections 4 and 5 of this Act and shall pay the amount so deducted or withheld in monthly remittances to the Comptroller not later than the 15th day of each month, in respect of the premium income for the preceding month. (Amended by Act 24 of 2011 and Substituted by Act 19 of 2014)
(5) The premium income on which the tax is payable under subsection (1) and subsection (2) of this section shall be calculated by taking the gross premiums received by the insurance company within Saint Lucia and deducting therefrom any premiums received in respect of reinsurances. (Amended by Act 24 of 2011)