83. Calculation of tax credit for foreign tax
-
(1) The credit to be set off in respect of tax payable in another country on the income referred to in section 82(2) is the lesser of—
-
(a) the tax payable in the other country on the amount; or
-
(b) the tax charged under this Act, on the amount.
-
(2) Where liability to tax in Saint Lucia arises in respect of income which is received in this country, for the purpose of calculating the tax charged under this Act, the amount of the assessable income charged to tax in the other country shall be taken to be the aggregate of the amount remitted to this country and the amount of tax payable thereon in the other country.
-
(3) In this section—
“the tax payable in the other country” means the amount payable, either directly or by deduction, for which the resident person was personally liable and actually paid in that other country; and
“the tax charged under this Act” in relation to any year of income means that proportion of such tax which the assessable income charged to tax in the other country bears to the total assessable income for that year of income, but where the proportion is greater than the tax actually paid the tax charged shall be limited to the amount actually paid.