VAT amnesty begins

In a recent statement, the Permanent Secretary of the Ministry of Commerce, Manufacturing, Business Development, Cooperatives, and Consumer Affairs, Mrs. Sofia Henry, said the Ministry of Commerce has welcomed the decision by the Government of Saint Lucia to remove the 12.5 percent value added tax on building materials. Mrs. Henry urged consumers to take advantage of the two-year window of opportunity from Aug. 2, 2023 to Aug. 2, 2025 to carry out essential remodeling and renovation projects.
Mrs. Henry added that the Ministry of Commerce will be monitoring the imported and retail prices of these commodities.
“In order to assess the effectiveness of this policy measure, the Ministry of Commerce through its Consumer Affairs Department, has commenced a project to obtain the baseline prices of these supplies and will continue to monitor the imported and retail prices,” she said.
The Government of Saint Lucia enacted a zero-rated VAT policy on many commodities in July 2023. These include building materials such as plywood, lumber, cement, steel, and galvanize; solar photovoltaic systems and the installation of these systems; and hygiene-related products including sanitary towels, tampons, napkins and similar articles.
Mrs. Henry said the Ministry of Commerce will provide guidance to the business community to ensure compliance with the new policies.