A MORE EQUITABLE TAX SYSTEM
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A MORE EQUITABLE TAX SYSTEM
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Contact: Mr Jacques Compton
Tuesday, 24 April, 2012 – In delivering a thought provoking Throne Speech at the commencement of the second session of the tenth Parliament of Saint Lucia, Governor General Her Excellency Dame Pearlette Louisy said Government is committed to ensuring greater tax equity, and a more efficient forecasting method of government’s revenue.
The Head of State says over the years the burden of taxation has not been shared by all stakeholders in national development resulting in an unfair tax system.
She says the process of tax reform will make our productive sectors more professional, better managed and more competitive.
“Our modes of doing business, particularly with respect to public sector financing, have not kept a pace with the changes in global economic activity and rules. Furthermore, our economy itself has shifted away from taxation based primarily on incomes and the import of goods and we find ourselves with but a small proportion of individuals and corporations actually paying anything at all on their incomes after deductions. We must now find a better way to ensure that the growing services components of our economy supports our tax base, while in fact providing a better balance in the prices of goods consumed.
On the implementation of the Value Added Tax (VAT), the Governor General says government welcomes the wide-spread public interest and debate on the new tax system.
Her Excellency says government remains resolute in its policies to protect the poor and the most vulnerable from further hardships emanating from tax reform.
“Though the storm of economic uncertainty still lingers globally, my Government is keeping calm and will approach these changes with care, diligence and certainty of purpose. We do not want to have a depressed nation. My Government will not agree to any measure that would be too onerous, too burdensome or unreasonable for our people. This is not a time to look inward only. This is not a time to be insular. This is not a time to be inactive. It is undoubtedly a time to collaborate, to seek cohesion, to seek a common good, a common will, a common strength, and a common purpose.
The Governor General says tax reform is necessary if Saint Lucia is to benefit from improvements in the global economy, she however, warned that democracy without equity is unsustainable. |
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