(1) Subject to section 17 and this section, the total amount of input tax allowed as a deduction for the purposes of section 29 is the sum of — (Amended by Act 10 of 2012)
(a) the input tax payable in respect of taxable supplies made to the person during the tax period and the input tax paid in respect of any import of goods by the person during the tax period, where the supply or import is for use in a taxable activity carried on by the person;
(b) any input tax deduction allowed under section 32 for the tax period;
(c) an amount equal to the tax fraction of any amount paid during the tax period by the taxable person as a prize or winnings to the recipient of services under section 4(9);
(d) an amount equal to the tax fraction of any amount paid during the tax period by the taxable person to a supplier in respect of the redemption of a token, voucher, gift certificate, or stamp referred to in section 18(11) by the supplier for tax period; and
(e) any amount carried forward under section 57(7);
(f) subject to paragraphs (g), (h), and (i), an amount equal to 75% of the tax fraction of the lesser of —
(i) the amount paid for, or
(ii) the fair market value, including tax,
of second-hand goods acquired in Saint Lucia during the tax period by a registered person from a person, registered or not registered, in a transaction not subject to tax if the goods are taxable at a positive rate under this Act and are acquired for the purpose of making taxable supplies;
(g) an amount equal to 75% of the tax fraction of the lesser of —
(i) the amount paid, or
for the second-hand goods acquired in Saint Lucia during the tax period by a registered person from a related person, registered or not registered, in a transaction not subject to tax if the goods are taxable at a positive rate under this Act and are acquired for the purpose of making taxable supplies, but not more than the tax imposed on the supply of the goods to the related person;
(h) an amount equal to 75% of the tax fraction of the value of second-hand goods that are repossessed in Saint Lucia during the tax period by a creditor who is a registered person, from a defaulting debtor, whether registered or not, in a transaction not subject to tax if the goods are taxable at a positive rate under this Act and are acquired for the purpose of making taxable supplies, but not more than the tax imposed on the supply of the goods to the defaulting debtor;
(i) an amount equal to 75% of the tax fraction of the value of second-hand goods that are acquired in Saint Lucia during the tax period by an insurer who is a registered person, from an insured person in a transaction not subject to tax if the goods —
(i) are acquired in settlement of an insurance claim,
(ii) are taxable at a positive rate under this Act, and
(iii) are acquired for re-supply in a taxable transaction, but not more than the tax imposed on the supply of the goods to the insured person.
(2) Subject to this section, no deduction of input tax is allowed in respect of a supply or import unless —
(a) a tax invoice, or tax debit note or tax credit note, as the case may be, in relation to the supply, has been provided in accordance with section 34 or 35 and is held by the taxable person taking the deduction at the time a return in respect of the supply is filed, other than when a tax invoice is not required to be provided;
(b) an import declaration, or a document issued by the Comptroller of Customs evidencing payment of tax in relation to an import that has been delivered in accordance with the Customs (Control and Management) Act or this Act and is held by the taxable person taking the deduction at the time a return in respect of the import is filed; and
(c) for the purposes of subsection (1)(f), (g) and (i), with respect to the acquisition, the taxable person is in possession of documents required by the Comptroller. (Substituted by Act 10 of 2012 and by Act 15 of 2013)
(3) Where a taxable person does not have a tax invoice evidencing the input tax paid, the Comptroller may allow an input tax deduction in the financial year in which the deduction arises where the Comptroller is satisfied —
(a) that the taxable person took all reasonable steps to acquire a tax invoice; and
(b) that the failure to acquire a tax invoice was not the fault of the taxable person; and
(c) that the amount of input tax deduction claimed by the taxable person is correct.