(1) For the purpose of ascertaining the assessable income of any person for any year of income there is allowed as a deduction an initial allowance of 1/5 as well as any amount to which that person is entitled under Schedule 2 in respect of capital expenditure incurred by him or her.
(2) For the purposes of ascertaining the assessable income of any person who is carrying on a small scale business enterprise, there is granted, in the initial year of income, an investment allowance of 10% on the capital expenditure incurred on the provision of plant and machinery acquired and brought into use by that person for the purpose of producing assessable income.
(3) For the purpose of subsection (2), capital expenditure relates to plant and machinery imported into Saint Lucia for the first time and is funded from non-local sources. (Amended by Act 12 of 2017)
(Substituted by Act 11 of 1998)