In a Budget Address that centered on people-centric growth and bringing relief to Saint Lucians, Prime Minister Hon. Allen Michael Chastanet announced a Personal Income Tax Reform plan that would see thousands of low income earners pay less and in some cases no personal income taxes.
This is a bold initiative which is in keeping with government’s promise of less onerous taxes on the people of Saint Lucia.
Under the theme “Growth by Empowerment for a Better Future,” the Minister for Finance presented the Appropriation Bill 2019-2020 which focused on “opportunities that will propel Saint Lucians to an acceptable standard of living and offer the chance to build wealth for themselves and their families.”
Part of the plan was the reform of the personal income tax system to make it simpler, more progressive and less burdensome.
The prime minister explained the challenges and disadvantages of the current system, among them the burdensome filing of a number of documents.
It is anticipated that the entire country will benefit from the new tax regime, and this will have a spill-over effect on the economy as a whole, as consumer spending power will increase.