Chamber discussed the processes employed by the corporation and argued for increased digitization and modernization of systems and processes used by the NIC.
The Ministry of Finance and Inland Revenue while they accept the current methodology is unfair to some business they are unprepared to explore the subject as they have determined that the GOSL will receive less revenue than they currently do.
GOSL has declined to fully analyse the issue to assess the extent of loss of welfare or what are the possible ways in which a Pareto Optimum solution may be obtained.
The Inland Revenue Department advised of the correct method of calculation that should be employed on the trade in used goods to Chamber members. This information was extremely useful and accepted by Members.
The Government’s reps are not convinced that the country will benefit more than they lose from changing the approach to charging VAT on land sales by Real Estate Companies. The Chamber will continue to advance its perspective.
The St. Lucia Chamber of Commerce, Industry and Agriculture is located at Orange Park Commercial Building, 1st Floor, Bois D’Orange, Gros Islet.
Advocating on behalf of members with the public sector. Increased visibility and credibility. Business training and education information sharing and networking.
A chamber of commerce is an organization of business owners and entrepreneurs who promote the interests of their local business community. Chambers of commerce provide access to valuable resources, discounts, and relationships that help businesses save money and market their products.
Chambers of Commerce will act to promote public policies that are in the best interest of business, in general. Specific Chambers of Commerce may also attempt to promote policies that serve specific industries or geographic locations.