Worldwide Tax Summaries--ST. LUCIA(1999-2000)(part2)

Worldwide Tax Summaries--ST. LUCIA(1999-2000)(part2)

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SIGNIFICANT DEVELOPMENTS
There have been no significant tax or regulatory developments in the past year.

TERRITORIALITY AND RESIDENCE
St. LuCIA income tax is imposed on the following.
  1. Income of an individual ordinarily resident in St. Lucia that accrues to the individual directly or indirectly from all sources whether in or outside St. LuCIA.
  2. Income of an individual resident but not ordinarily resident in St. Lucia that accrues to the individual directly or indirectly from all sources in St. Lucia and income accrued from sources outside St. Lucia to the extent that the income is remitted to St. LuCIA.
  3. Income arising in St. Lucia to a nonresident, and income accrued from sources outside St. Lucia to the extent that the income is received in St. LuCIA.

An individual is regarded as resident in St. LuCIA if one of the following applies.
  1. The individual's permanent place of abode is in St. LuCIA and the individual is physically present for some period of time in the income year.
  2. The individual is physically present in St. LuCIA for not less than 183 days in the income year.
  3. The individual is physically present in St. LuCIA for a continuous period of less than 183 days in the year of income but is resident in the immediately preceding or succeeding year of income.

GROSS INCOME
Employee gross income/Employees resident in St. LuCIA are taxed on their salary and on the value of any allowances or benefits, whether in cash or otherwise, received from an employer. Taxable benefits include employer-provided automobile and housing (except where representative occupation can be established) but do not include travel and entertainment allowances where the employee substantiates expenditure in the performance of duties to the extent of the allowances.

Capital gains and investment income/Capital gains are not taxable to individuals ordinarily resident in St. Lucia. Investment income in the form of dividends and bank interest from corporations or banks in St. Lucia is exempt from income tax. For individuals not ordinarily resident in St. Lucia (i.e., those present for a short term), such income, if arising outside St. Lucia, is taxable only to the extent that it is remitted to St. LuCIA.

DEDUCTIONS
Business deductions/Employees may deduct expenses incurred wholly and exclusively in the performance of the duties of their employment, but only to the extent that these expenses are not reimbursed by the employer.

Nonbusiness expenses/Nonbusiness expenses are not deductible.

Personal allowances/In determining chargeable income, a resident individual, upon due claim, is allowed the following deductions.

                                                                EC$
Personal allowance……………………………………………………     10,000
Spouse allowance……………………………………………………        1,500
                                                             (Note 1)
Maintenance or alimony (under court order)………………   Full amount
Child allowances………………………………………………      1,000-2,000
Deduction for higher education…………………………              5,000
Deduction for life insurance, other retirement benefits:
    Premiums paid in St. LuCIA (maximum)  ………………           8,000
    Premiums paid outside St. LuCIA (maximum) ………             3,000
Owner-occupied property:
    Mortgage interest (maximum) ………………                   15,000
    Property taxes…………………………………………            Actual
    Insurance premiums………………………………                Actual
    Upkeep and maintenance………………………………            Actual
Donations to charitable, religious, educational institutions
(under deed of covenant for at least three year) ……………   (Note 2)
Medical expenses………………………………………………           Actual
Purchase of shares in building or cooperative societies…  Up to 3,600

Notes:
1. Reduced dollar-for-dollar to the extent the spouse's assessable income exceeds EC$1,500.
2. Actual, but may not exceed 25% of assessable income.

TAX CREDITS
A tax credit for foreign tax paid is granted where income accrues to a resident in St. Lucia when that income has been taxed in another country with which there is no treaty or where the income is not covered by the applicable treaty. This credit is the lesser of the tax payable in the other country or the tax charged in St. LuCIA.

OTHER TAXES
SoCIAl security taxes/The individual's share of National Insurance Scheme contributions (for retirement, sickness and disability benefits) is 5% of gross salary up to a maximum contribution of EC$150 per month (i.e., on a month salary of EC$3,000).

Local taxes on income/There are no other taxes on income.

TAX ADMINISTRATION
Returns/Separate returns are required from married persons where the other spouse has income in that spouse's own name. For employed persons, the taxable year is the calendar year.

Payment of tax/There is withholding of tax from salaries. Employed persons must file returns within three months of the end of the income year, and any additional tax assessed is payable upon filing.

TAX RATES
Tax rates on chargeable income from January 1,1998 are as follows.
          TAXABLE INCOME                             TAX ON   PERCENTAGE
       OVER        NOT OVER                         COLUMN 1  ON EXCESS
    (COLUMN 1)
            0 EC$ 10,000……………………………           -      10
  EC$  10,000     20,000……………………………  EC$  1,000      15
       20,000     30,000……………………………       2,500      20
       30,000     ……………………………………       4,500      30

INDIVIDUAL TAX CALCULATION

Assumptions
1. Married person resident in St. LuCIA with two children; one child attends a university overseas. Spouse has no assessable income.
2. Employment income: EC$150,000, net of National Insurance contributions.
3. Director's fees: EC$6,000.
4. Bank interest received: EC$12,000 (bank in St. LuCIA).
5. Dividend income received: EC$8,000.
6. Mortgage interest paid: EC$18,000.
7. Life insurance premiums: EC$9,000. (Insured amount: EC$250,000.)
8. Capital gain on sale of investments: EC$60,000.

Tax computation
Gross income:
    Income from employment………………………………    EC$    150,000
    Director's fees………………………………………              6,000
    Bank interest received……………………………              12,000
    Dividends received………………………………                 8,000
    Capital gain on sale of investments…………               60,000
                                                             236,000
Deduct-Tax-exempt income:
    Bank interest……………………………      12,000
    Dividends………………………………         8,000
    Capital gain………………………………     60,000           80,000
                                                             156,000
Less-Allowances:
    Personal allowance……………………      10,000
    Spouse allowance………………………       1,500
    Child allowance (1×1,000) …………      1,000
    Child higher education
    allowance(1×5,000) ………………         5,000
    Life insurance premiums (restricted) …  8,000            25,500
                                                             130,500
Less-Owner-occupied property expenses:
    Mortgage interest (maximum) …………    15,000
    Property taxes (say) …………………      2,000
    Insurance premium(say) ……………        1,500
    Upkeep and maintenance(say) …………     1,000           19,500
Chargeable income………………………………             EC$   111,000
Tax thereon:
    On the first 30,000…………………………           EC$     4,500
    On the remaining 81,000 at 30%……………                 24,300
                                                      EC$    28,800

Note:
Exchange rate of the Eastern Caribbean dollar at December 31,1998: US$1=EC$2.70        

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北京中立诚会计师事务所简介下载
地 址:北京朝阳区北苑路13号领地OFFICE大厦B座7层701室
电 话:(010)- 52086638 51095615
传 真:(010)- 52086636
邮 编:100107
E-mail:supercpa@163.com