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Local Manufacturers to Benefit from Consumption Tax Re-tooling Allowance
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Local Manufacturers to Benefit from Consumption Tax Re-tooling Allowance
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Producers of paper and paper products, wood and wooden furniture, plastic and rubber products, textile and wearing apparel will all receive a 40% rebate of Consumption Tax. A 40% rebate of Consumption Tax will also be given to manufacturers of chemical, printing and construction products, while manufacturers of electrical products will benefit from a 20% rebate of Consumption Tax. A preliminary assessment, the minister says, shows that there will be little negative impact on the manufacturing sector and in some cases there will be a reduction in the effective consumption tax rates. "These rebates are in keeping with government’s commitment to improving a Consumption Tax Re-tooling allowance granted by Cabinet in 1999 to neutralize any negative impacts on the manufacturing sector that may have been caused by changes or increases in the consumption tax," the Minister said. Minister Pierre notes that the Consumption Tax rebate complements other incentives given to the manufacturing sector by the Government of Saint Lucia including the removal of Service Charge and the Environmental Levy on manufacturing inputs. |
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Friday,
May 12, 2000 –Minister for Commerce, International Financial Services and
Consumer Affairs, Honourable Phillip J. Pierre, says very shortly local
manufacturers will be able to benefit from a rebate for Consumption Tax paid by
in 1999. Based on previously set criteria, the Ministry of Commerce has
calculated the rebate for Consumption Tax paid by local manufacturers in 1999
and according to the minister, food and beverage producers will be granted a 60%
rebate of Consumption Tax.