As of February 1, 2017 an estimated $52.5 million a year will be pumped back into the hands of the people of this country.” This proclamation was made by prime minister Allen Chastanet when he made his address to the nation last night. This additional estimated revenue that will adversely aid the players in the economy will be as a direct result of the reduction of the national Value added Tax. A decision the pm said, was not arrived lightly.
The pm continued, “I can announce to you today that our government will reduce the standard rate of Value Added Tax from the current 15 percent to 12.5 percent.”
Tax affects everyone the pm said, reiterating the need to look at the tax regime and find ways to grow the economy. “The goal is to reduce the tax burden on the population, while making the tax system more business and investment friendly and most critically ensuring fiscal sustainability,” the pm stated during his address to the nation.
Today, the house will meet to table the legislation of the Airport Charge and the new Value Added Tax (VAT) relief measures.
Chastanet ended his address in a solidarity tone, asking the electorates and country on a whole to be patient and have faith. “I am asking all Saint Lucians to have hope, to have faith in the changes we are going to make to this country. I am asking you to believe that things can change and get better if we all come together to rebuild this country,” the pm closed with.
See below for the National Address: