What is Vendors Tax in St Lucia? Who Pays?

what i vendors tax? who pays?

Individuals and companies who owns property in St Lucia and wish to sell that property are required to pay Vendors Tax upon execution of the sale.  Vendors tax is payable to the Inland Revenue Department (IRD) and is calculated as follows.

St Lucia Vendor’s Tax Calculation:

  • First $50,000.00 exempted
  • 2.5% of next $25,000.00 $625.00
  • 3.5% of next $75,000.00 $2,625.00
  • 5.00% of the Balance

There is a 10% Vendor’s Tax payable to the Government upon a resale of the property owned by companies such as IBCs. This calculation is based upon the price at which the property is being re-sold.

On closing, a Company / IBC should expect the following documents

  1. Deed of Sale
  2. Income Tax, Land and House Tax compliance letters.
  3. NIC compliance letter
  4. Company Certificate of Good Standing

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Summary
What is Vendors Tax in St Lucia? Who Pays?
Article Name
What is Vendors Tax in St Lucia? Who Pays?
Description
What is Vendors Tax in St Lucia? Who Pays? Individuals pay up to 5% of the purchase price while companies pays up to 10% Vendors Tax upon execution of sale.
Author
Publisher Name
Realty St. Lucia
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