Fiscal incentives

What is the purpose of the fiscal incentives administered by the Ministry of Commerce in Saint Lucia?

To support the growth and development of businesses, encourage investment, enhance productivity, and stimulate job creation.

What sectors are eligible for fiscal incentives in Saint Lucia?

Manufacturing enterprises, agro-processing businesses, renewable energy companies, ICT and technology-based businesses, and tourism-related services (excluding accommodation).

What type of tax exemption may businesses receive under fiscal incentives?

Tax Holidays: Full or partial exemption from corporate income tax for a specified period.

What types of duties may be exempted for eligible businesses?

Import Duty Exemptions for raw materials, machinery, equipment, and spare parts used in production.

What is one condition for approval of fiscal incentives in Saint Lucia?

The project must contribute to economic development and/or job creation.

What is the duration of fiscal incentives typically offered?

Typically ranges from 5 to 15 years, depending on the scale of investment and sector.

What is the application process for fiscal incentives?

Submit a completed Fiscal Incentives Application Form with supporting documents, followed by a review and a site visit by the Ministry.

What happens if a business does not comply with the conditions of the fiscal incentives?

Non-compliance may result in revocation of incentives.

What are Tax Holidays in the context of fiscal incentives?

Full or partial exemption from corporate income tax for a specified period, usually between 5 to 15 years.

What role does the Cabinet of Ministers play in the fiscal incentives process?

The Cabinet reviews and approves the memorandum prepared by the Ministry regarding the application.