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Government gets thumbs up for excise tax reduction

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Contact: Rose Marie Harris

Monday, April 14, 2003 - Prime Minister and Minister for Finance, Honourable Dr. Kenny Anthony has come in for high commendation for the reduction in excise tax on imported automobiles as announced in the 2003-2004 Budget.

Director of Northwest Limited, Randall Bain, described the reduction as a progressive move by the government of Saint Lucia. Bain explained that last year, for the first time the excise tax was reduced by 10% but was overshadowed by other measures. This year excise taxes will be reduced by a further 10%, which means that within twelve months duties have been reduced by 20%.

Bain believes that the reduction in excise taxes applied to vehicles, allows a greater proportion of earnings to remain within the economy to provide for much needed stimulation and it gives Saint Lucians a much needed and improved opportunity to own new and current product at more affordable prices.

“This is the small proportion and small number of tax payers in Saint Lucia have historically always been over-burdened with relatively high personal income tax and are further fraught by very high import duties on the vast majority of goods and services, leaving very little disposable income to be spent within the economy and thereby stifling stimulation and growth,” said Bain.


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