Cognizant of the rising costs of living standards brought on by extenuating global factors and a ruthless pandemic – government says it remains mindful of the impact of “global economic pressures on the average Saint Lucian household.”
Consequently, states a release from the Office of the Prime Minister (OPM) the Government of Saint Lucia is putting money back into the pockets of ordinary Saint Lucians.
Effective January 1, 2023, persons earning up to EC $25,400 annually will not be required to pay personal income taxes. Also, employees grossing EC $2,116 monthly, will not be subjected to Pay-As-You-Earn (PAYE).
According to the release, this new money saving tax policy further demonstrates government’s awareness of the impact of global economic pressures that the average Saint Lucian household has to bear , and are making an effort to ‘ease the squeeze’.
Collectively, eligible taxpayers will save EC $14 million every year and will benefit from increased levels of disposable income.
In addition, effective January 1, 2023, income tax will increase for persons eligible to pay. Why is that not included in the news article?