View Article

Proposed amendments to the Income Tax Act, Chapter 15.02 will make it possible for residents of Saint Lucia to qualify for a maximum deduction of five thousand dollars ($5,000.00), irrespective of the nature of his or her income, for Hobby Farming and contributions to community road rehabilitation projects.

To qualify for the deduction for Hobby Farming, a resident is required to obtain a certificate of registration from the Minister responsible for agriculture, under the Hobby Farmers Tax Relief Incentive Program. This initiative is aimed at revitalizing the subsistence farming sector which undoubtedly is important to Saint Lucia’s food security.

A resident who contributes towards a community road rehabilitation project also qualifies for the maximum $5,000.00. This deduction is applicable only in the year in which the individual makes the contribution towards the project. It is also a requirement that the project be registered with the Ministry responsible for infrastructure.  

The proposal was introduced in the 2013/2014 Budget by Prime Minister Hon. Dr. Kenny D. Anthony, who announced that given the difficult economic climate,  Government will seek to engage citizens through Public Private Sector Partnerships, to address the poor road conditions in communities.

residents of Trouya Point, who have made a contribution of twenty six thousand dollars ($26,000.00) to the rehabilitation of their community road have already qualified for the provision. Once the amendments have been approved by the House of Assembly, residents who have contributed to this project will be eligible to claim their deductions.

These deductions will be allowed from the income year commencing the first day of January, 2013.
Actions: E-mail | Permalink |

Post Rating

© 2018 by RCI St. Lucia   |   Login