Transcription of Value Added Tax (VAT) Act 2012 - irdstlucia.gov.lc
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Value Added Tax (VAT) Act 2012 - irdstlucia.gov.lc
1No. ] Value Added Tax Act [ NOTEVALUE Added TAX BILLA. General Policy Statement1. The Bill for consideration is the Value Added Tax The purpose of this Bill is to provide for the imposition andcollection of Value Added tax on the supply of goods andservices in Saint Lucia and the importation of goods andservices into Saint The current tax system in Saint Lucia is comprised of directand indirect taxes. The Inland Revenue and Customs andExcise Departments are responsible for collecting the majorityof these Direct taxes are imposed on income and property. Thesetaxes are personal income tax, corporate income tax,withholding tax and property Indirect taxes, such as import duty, consumption tax andhotel accommodation tax, are levied on international tradeand the consumption of goods and The existing system of administering and collecting indirecttaxes is inefficient for the following reasons:(a) the system comprises numerous taxes, governed bydifferent pieces of legislation, making it administrativelyburdensome;(b) the taxes are applicable mainly
2 No. ] Value Added Tax Act [ 2012. 7. Value Added Tax or (VAT) is a tax on consumption. It is charged on the value of imports and on the value added (mark-up) on goods and services supplied by one
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