(1) Subject to this Act, the assessable income of any person for any year of income, insofar as it is derived from a business, is the gains or profits accrued from the business during that year of income.
(2) In ascertaining the assessable income from a business the value of any trading stock held at the beginning and end of the income year shall be taken into account in accordance with Schedule 1.
(3) The assessable income referred to in subsection (1) shall include—
(a) any amount accrued under any contract of insurance against loss of profits or loss of stock or by way of compensation or damage for loss of profits or loss of stock;
(b) any amount accrued by way of recovery of any bad or doubtful debt which has been allowed as a deduction for any previous year of income;
(c) any amount accrued by way of recovery or reimbursement of any expenditure or loss or by way of remission or other cessation of indebtedness by a creditor, whether in a bankruptcy or insolvency or otherwise where such amount has been allowed as a deduction for a previous year of income;
(d) any amount accrued by way of subsidy for, or in relation to, the carrying on of a business;
(e) the amount of any balancing charge, ascertained under Schedule 2.
(4) Where a person other than a company carries on a business in and out of Saint Lucia the amount which considered to accrue to him or her from a source situate in Saint Lucia in respect of that business is such sum as appears to the Comptroller to be reasonable having regard to—
(a) the nature of the operations carried on in and out of Saint Lucia;
(b) the turnover of the business in and out of Saint Lucia;
(c) the situation and value of the assets employed in the business;
(d) the lower of cost or market value of any trading stock imported into or exported from Saint Lucia; and
(e) any other matters which appear to the Comptroller to be relevant.
(Amended by Act 12 of 2018)