APPROVED SERVICES ARE WITHIN THE CREATIVE, PROFESSIONAL, ICT AND WELLNESS SUB-SECTORS.
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. For further information and guidance, kindly contact the Commerce and Industry Unit at 468-4214 or 468-4210.