PRESS RELEASE 81/14 For Immediate Release May 13, - TopicsExpress

PRESS RELEASE 81/14 For Immediate Release May 13, 2014 2,100 INDIVIDUALS TO BE TAX EXEMPT, THOUSANDS TO PAY LESS INCOME TAX Effective January 1, 2015, two thousand one hundred (2,100) individuals will be exempt from income tax and approximately nine thousand, four hundred and forty three (9,443) will pay less income tax. These changes are the results of major adjustments to the income tax regime, announced in the 2014/2015 Budget Statement, by Prime Minister, Hon. Dr. Kenny D. Anthony. Firstly, in keeping with a promise made in the Saint Lucia Labour Party’s Manifesto, the deductible personal allowance will increase from $18,000.00 to $21, 000.00. This represents a further $3,000.00 in allowable deductions and will exempt 2,100 persons from the tax bracket. Secondly, a reduction in the tax band from four to three, with consequent changes to rate of taxation will redound to the benefit of all tax payers. The proposed tax rates are as follows: Chargeable Income (after allowances) Current Rate Proposed Rate $0 - $10,000 10% 10% $10,001 - $20,000 15% $20,001 - $30,000 20% 15% Above $30,000 30% 28% As explained by the Prime Minister in his presentation to the House of Assembly on Tuesday, May 13, 2014, “taxpayers who now pay 15% on their assessable income will now pay 10%. Taxpayers who now pay 20% on their assessable income will now pay 15%. Finally, taxpayers who pay 30% will now pay 28%.” Dr. Anthony also announced changes aimed at simplifying and reducing the cost of the tax filing process. According to the Prime Minister, “Mr. Speaker I propose to eliminate the Housekeeper Allowance of $200.00, the Dependent Relative grant of $350.00 and the subscriptions or donations to a professional association amounting on average to $1,500.00. Mr. Speaker, there is an important reason why we have to move in that direction. We have modernized our tax services by allowing electronic filing (e-filing) and registration. Having done so, it is inefficient and somewhat impractical to request taxpayers to bring proof of a housekeeper, a dependent relative or subscriptions or donations to professional associations every time they file electronically. It is essential that the filing process is seamless and without frustration.” These new measures will take effect in January 2015. END

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