In a Budget Address that centred on people-centric growth and bringing relief to Saint Lucians, Prime Minister Hon. Allen Michael Chastanet announced Personal Income Tax Reform that would see thousands of low income earners pay less and in some cases no personal income taxes.
Expected to come into effect 1st January 2020 is an increase of personal allowance from $18,000 to $23,000. For the average income earner, this means that the first $23,000 of annual income will be tax free
Under the theme “Growth by Empowerment for a Better Future” the Minister for Finance presented the Appropriation Bill 2019-2020, which focused on “opportunities that will propel every Saint Lucian to an acceptable standard of living and offer the chance to build wealth for themselves and their families.”
Part of this plan, explained the Prime Minister, was the reform of the personal income tax system to make it simpler, more progressive and less burdensome.
The Prime Minister explained that the new regime seeks to provide income tax relief to lower income earners.