Government to Forgo $780m in Tax Amnesty Program

Government to Forgo $780m in Tax Amnesty Program

The public is reminded to take advantage of the ongoing tax amnesty program on penalties, interest and fines before the scheduled deadline of May 1, 2024.

Once outstanding taxes are settled in full before the deadline, eligible taxpayers will benefit from a 100% waiver on all applicable charges.

Prime Minister and Minister for Finance, Hon. Philip J. Pierre, in 2022, tabled legislation in the Parliament to give legal effect to the tax amnesty program. At the time, interest and penalty charges on outstanding taxes owed to the Inland Revenue Department (IRD) amounted to $780 million.

The tax amnesty program provides an opportunity for the private sector, citizens and property owners to regularize their tax profiles and avoid having to incur additional charges.

In 2023, the Prime Minister extended the deadline for the tax amnesty program by one year to May 1, 2024. Forgoing potentially $780 million in uncollected tax revenue demonstrates the government’s understanding of the economic challenges confronting the private sector and Saint Lucian households.

The Prime Minister’s tax amnesty program is a timely policy response crafted to alleviate economic pressures on Saint Lucian businesses and households confronted by record high inflation and instability in the global economy.

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