(PRESS RELEASE) – The Ministry of Commerce, International Trade, Investment, Enterprise Development and Consumer Affairs wishes to inform the public of the recent amendment of the Fiscal Incentives Act Cap. 15.16 to include four (4) sub-sectors of the services industry; namely – Creative Industry, Professional Services, Spa and Wellness and ICT.
The Approved Services under the sub-sectors are as follows:
1) Creative Industries
• Entertainment
• Motion picture and video tape production and distribution services
• Motion picture projection service
• Sporting and other recreational services
2) Professional Services
• Accounting services
• Management Consulting services
• Photographic services
• Architectural services
• Engineering services
• Integrated Engineering services
• Printing, publishing
• Veterinary services
• Medical and Dental
3) Spa and Wellness
• Beauty and Spa
• Physiotherapists and services provided by midwives and para medical personnel
• Medical laboratories
4) ICT
• Telecommunication services
• Online information or data processing including transaction processing
The Approved Services qualify for exemption from Customs Duties and Excise Tax on plant, equipment, machinery, spare parts, raw materials or components.
The Act was also amended to allow manufacturing and processing industries that have exhausted the previous limit of fifteen (15) years to benefit from additional income tax exemption for a period not exceeding five (5) years, based on the level of investment as follows:
Investment Exemption
New Investment from EC$1 Million up to EC$5 Million 50% Corporate Tax
New Investment in excess of EC$5 Million.”. 75% Corporate Tax
The Ministry encourages qualifying Companies registered in Saint Lucia, to take advantage of the provisions of the Act to enhance their productivity, efficiency and competitiveness.
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