Castries, Saint Lucia: The Government of Saint Lucia announced new tax policies, which were taken into effect on January 1, 2023. People earning up to EC $25,400 annually will not be required to pay personal income taxes.
The official social media of the Saint Lucian government shared information about the new tax policies, highlighting putting money back into the pockets of ordinary Lucians.
This is effective from January 1, 2023, for the people earning around EC $25,400 on an annual basis will not be required to pay personal income taxes. Along with this, the employees grossing EC $2,116 monthly, will not be subjected to Pay-As-Yo-Earn (PAYE).
This new money-saver tax policy further demonstrates the awareness of the government of the impact of global economic pressure on the average households of Saint Lucia.
On a collective basis, the eligible taxpayers will save EC $14 million every year as well as will benefit from increased levels of disposable income.
The notable changes in the policy are as follows:
- Personal Income tax allowance will increase from XCD 18, 000 to XCD 25, 400
- People earning up to XCD 25, 400 annually will be free from paying personal income tax.
- Taxpayers will collectively save XCD 14 million annually.
- More than 14, 000 Saint Lucians will benefit from the tax cuts
On the other hand, the Administration of the Prime Minister of Saint Lucia, Philip J. Pierre, stated that this new, money-saving tax policy further demonstrates the Pierre Administration’s awareness of the impact of global economic pressures on the average Saint Lucian household. Collectively, eligible taxpayers will save XCD 14 million every year and will benefit from increased levels of disposable income.
Also, with the new tax cuts, private sector workers and also public servants in Grades 1 to 5 who earn up to $25,000 annually will pay no income tax. And, no, Saint Lucian will pay taxes on the first $25,000 earned annually.
