House backs waiver of penalties, interest on pre-2024 VAT debts
The House of Assembly on Tuesday formally approved the temporary waiver of late-payment penalties and interest fees on old Value Added Tax (VAT) debts. The papers were presented to the House by the Minister for Finance, Prime Minister Philip J Pierre, which saw Parliament validate the reduction of the penalty rate on unpaid VAT from […] The article House backs waiver of penalties, interest on pre-2024 VAT debts is from St. Lucia Times.
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The House of Assembly on Tuesday formally approved the temporary waiver of late-payment penalties and interest fees on old Value Added Tax (VAT) debts.
The papers were presented to the House by the Minister for Finance, Prime Minister Philip J Pierre, which saw Parliament validate the reduction of the penalty rate on unpaid VAT from 10 percent to zero percent. The waiver applies to VAT owed before December 31, 2023.
The zero percent penalty period started on May 1, 2024 and will end on May 2, 2026, giving businesses and individuals until that date to take advantage of the penalty waiver.
During Tuesday’s sitting, Pierre described public response to the ongoing amnesty as “mixed” — unlike the administration’s expectations of a more positive response. However, he likened the subdued response to a lack of proper promotion of the initiative.
According to Pierre, in excess of $30 million was collected during the amnesty. However, the prime minister described the amount as a “drop in the bucket” and called for understanding from the business sector, deeming the amnesty a beneficial policy for the country.
During the sitting, Parliament also validated the waiving of the 1.25 percent monthly interest fee on unpaid VAT up to December 31, 2023, setting it at zero percent. Similarly, the settlement period runs from May 1, 2024 to May 2, 2026, during which old VAT debts have stopped accruing interest.
The article House backs waiver of penalties, interest on pre-2024 VAT debts is from St. Lucia Times.
