Revised Laws of Saint Lucia (2022)

Schedule 1

(Sections 8 and 13)

TAX RELIEFS AND EXEMPTIONS FOR AN APPROVED DEVELOPMENT

1.     (a)     Subject to section 15(5), a 100% exemption from property tax and aliens landholding licence fees for the duration of the development period;

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   (b)     A 100% exemption from payment of stamp duty and vendor's tax, on the conveyance or transfer on sale of any immovable property for a tourism project, on the initial transfer.

2.     100% customs duty exemption on imports including fixtures and fittings for a period to be determined by Cabinet.

3.     100% duty exemptions on imports of alternative energy and energy saving equipment, devices and fittings used for the approved development.

4.     A percentage tax credit for financial institutions based on the quantum of the investment, as follows —

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   (a)     EC$1 million and under – 1%

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   (b)     over EC$1 million and up to EC$5 million – 2%

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   (c)     over EC$5 million and up to EC$10 million – 3%

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   (d)     over EC$10 million – 4%

     The tax credit shall be available only in respect of the tax year in which the investment was made.

5.     An investment tax credit granted to an approved development will be based on the qualifying expenditure incurred during the incentive period and will be determined as follows —

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   (a)     for an approved development between the value of US$500,000 and US$5.0 million, the tax credit will be equal to 20% of the amount of qualifying expenditure incurred during the construction phase of the approved development;

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   (b)     for an approved development between the value of US$5.0 million and US$10.0 million, the tax credit will be equal to 30% of the amount of qualifying expenditure incurred during the construction phase of the approved development;

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   (c)     for an approved development between the value of US$10.0 million and US$15.0 million, the tax credit will be equal to 40% of the amount of qualifying expenditure incurred during the construction phase of the approved development;

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   (d)     for an approved development between the value of US$15.0 million and US$25.0 million, the tax credit will be equal to 50% of the amount of qualifying expenditure incurred during the construction phase of the approved development;

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   (e)     for an approved development between the value of US$25.0 million and US$50.0 million, the tax credit will be equal to 60% of the amount of qualifying expenditure incurred during the construction of the approved development;

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   (f)     for an approved development between the value of US$50.0 million and US$75.0 million, the tax credit will be equal to 70% of the amount of qualifying expenditure incurred during the construction period of the approved development;

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   (g)     for an approved development between the value of US$75.0 million and US$100.0 million, the tax credit will be equal to 80% of the amount of the qualifying expenditure incurred during the construction period of the approved development; and

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   (h)     for an approved development with a value of over US$100.0 million, the tax credit will be equal to 100% of the amount of qualifying expenditure during the construction of the approved development. (Inserted by Act 12 of 2016)