9th December 2023

Saint Lucia’s Cabinet of Ministers approved a package of benefits across diverse sectors that will improve the economic outlook for several households

By GIS

Saint Lucia’s Cabinet of Ministers has approved a package of benefits across diverse sectors that will improve the economic outlook for several households.

In November, an extensive concession was approved that will make employees of the Water and Sewerage Company Incorporated (WASCO) exempt from the payment of income taxes in lieu of retroactive pay.

The income tax exemption will cover a five-year pay period from January 2019 to June 2023.

Another approved exemption will extend the waiver for residential property tax by an additional year.

The Ministry of Finance said the waiver will improve financial prospects for many families, some of which are still in recovery due to challenges posed by the post-COVID-19 economy and compounded global inflation.

Cabinet also approved a request for the renewal of tax concessions on hybrid and electric vehicles that allow for reduced fuel consumption.

The exemptions, government said, should stimulate economic activity by increasing expendable income for those who stand to benefit.

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