St Lucia parliament to convene Tuesday: Extends barrel exemptions, borrows for capital, current expenditure

By Caribbean News Global contributor

CASTRIES, St Lucia – The parliament of Saint Lucia will convene Tuesday, February 1, 2022, at 10:00 am and the Senate February 3, at 10:00 am for what can be described with an ear of great expectation from a fiscal point of view, the legislative agenda and the economic fortunes of the island, in the era of COVID-19 and emerging variants.

Continuing with the mantra of “Putting People First” a motion of affirmative resolution by the prime minister and minister for finance, economic development and the youth economy is expected to secure approval of the draft value-added tax ( Amendment of Schedule 3) order which amends Schedule 3 of the Act to exempt imports of personal items, food, clothing, toys and other household consumables, contained in barrels for the period commencing from the February 1, and terminating on March 22, 2022.

This in accordance with the following:

• 100 percent waiver of Import Duty on personal items, food, clothing, toys and other household consumables, contained in barrels, for the period 1st February to 31st March, 2021.
• The number of barrels that would qualify for concessions would be limited to three (3) per household.
• The upper limit of $2,500.00 per barrel on the value of the items qualifying for the concession.
• Items identified in (1) above must be for personal use only and not for commercial use.
• The usual penalties and fines, etc. shall be applied, if the goods are used for commercial purposes.

Also, by resolution “it is provided by section 63(1) of the Public Finance Management Act, No. 14 of 2020 (the Act), that the Minister of Finance may, by an affirmative resolution of parliament, borrow from a bank or other financial institution for the capital or current expenditure of government.”

“The minister of finance considers it necessary to borrow USD3,830,000.00 from the International Development Association and USD3,710,000.00 from the International Bank for Reconstruction and Development acting as the administrator of the Canada Clean Energy and Forest Climate Facility Single-Donor Trust Fund, for the purpose of financing the Renewable Energy Sector Development Project.”

Papers to be laid at Tuesday’s sitting by members of parliament includes the prime minister and minister for finance, economic development and the youth economy: minister for tourism, investment, creative industries, culture and information: minister for health, wellness and elderly affairs: minister for commerce, manufacturing, business development, cooperatives and consumer affairs: minister for infrastructure, ports, transport, physical development and urban renewal:

Bills to be laid by the prime minister and minister for finance, economic development and the youth economy for the first and second reading includes:

1. Public Finance Management (Amendment) – First Reading
2. International Business Companies (Amendment) – Second Reading
3. Insurance (Amendment) – First Reading
4. Financial Services Regulatory Authority (Amendment) – First Reading
5. Land and House Tax (Amendment) – First Reading

Minister for commerce, manufacturing, business development, cooperatives and consumer affairs, will table the Distribution and Price of Goods (Amendment) – Second Reading.

In keeping with the transformation of Saint Lucia, prime minister Philip Pierre has emphasised that “the budget will seek to transform our country and citizens in preparation for the changing global environment.”

• The 2022-2023 estimates and appropriation bill is constitutionally due by April 2022.

Please access the link for various documents.