WHAT IS NEW AND ATTRACTIVE ABOUT THE TOURISM STIMULUS AND INVESTMENT BILL? This Bill proposes a number of novel ideas, aimed at making it easier and more attractive for investors to do business in Saint Lucia. 1. Exemption for financial institutions:-Where the funds to be used for an approved development are wholly or in part sourced from a financial institution in Saint Lucia or in another CARICOM country, a percentage of the quantum of the investment of the financial institution in the approved development shall, subject to subsection (2), be exempt in calculating the liability to tax of the financial institution. B) That exemption for a financial institution as stated above shall be determined in accordance with provisions earlier stated. 2. Sale or transfer of an approved development. :-Where an approved development is sold or transferred during the development period, the tax reliefs and exemptions provided under this Act may on the approval of Cabinet, continue to apply to the new owner or lessee,as the case may be, for the remainder of the period. Notwithstanding, the provisions above, Cabinet reserves the right to alter or revoke, in whole and in part, the approval of incentives, should the information supplied in the initial application differ significantly as a result of the sale or transfer of an approved development.
Posted on: Tue, 15 Apr 2014 16:12:18 +0000
Trending Topics
Recently Viewed Topics
© 2015