Taxpayers in Saint Lucia now have extra time to settle their excellent tax money owed with out dealing with penalties or curiosity expenses, as the federal government has formally prolonged its tax amnesty program to Could 1, 2026.
The Inland Income Division (IRD) is encouraging all taxpayers who owe again taxes to take full benefit of this extension and to behave early to keep away from a last-minute rush. The prolonged amnesty permits taxpayers to pay solely the principal quantity owed, with all penalties and curiosity for tax intervals as much as December 31, 2023, absolutely waived.
Appearing Comptroller of the Inland Income Division, Felicia Ellie, defined the importance of the extension. “Within the preliminary part of the amnesty, the waiver utilized solely as much as earnings 12 months 2021. However with this extension, it now covers as much as December 31, 2023. This provides taxpayers further time and alternative to clear their arrears with out the additional monetary burden of penalties and curiosity.”
Nevertheless, Ms. Ellie emphasised that the amnesty doesn’t absolve taxpayers of their duty to pay the precise taxes owed. “The reduction applies strictly to penalties and curiosity — the uncooked tax quantity should nonetheless be paid,” she clarified. “This can be a important level for taxpayers to grasp.”
This system covers all classes of taxes, together with earnings tax, Worth Added Tax (VAT), and different relevant taxes. It presents vital monetary reduction, however the IRD has issued a cautionary observe for individuals who fail to take part. Taxpayers who don’t make the most of the amnesty threat dealing with strict enforcement measures as soon as this system ends, together with wage garnishments, third-party deductions, and checking account seizures.
“On the finish of the amnesty interval, if taxes stay unpaid, the complete quantity together with penalties and curiosity will likely be restored to the taxpayer’s account,” Ms. Ellie warned. “The chance for reduction will now not exist. We urge taxpayers to behave now and never wait till the deadline approaches.”
Past the monetary advantages, clearing excellent taxes and associated penalties additionally makes doing enterprise with the IRD significantly simpler. Ms. Ellie inspired taxpayers with excellent quantities for 2024 to deal with these early as properly. “Whereas the amnesty covers tax intervals as much as 2023, I additionally encourage taxpayers to make use of this chance to settle their 2024 balances to allow them to be absolutely cleared and updated.”
The Inland Income Division has dedicated to supporting taxpayers by the method and is urging people and companies to contact them to request data or prepare cost plans as quickly as doable to profit from the amnesty.
For extra data or help, taxpayers can attain out on to the Inland Income Division.
