St Lucia US$444 million budget

St Lucia’s Prime Minister Stephenson King has presented a US$444 million budget to Parliament.



He has also outlined new tax measures and implemented new policies to further tighten control of government spending, creating a strong and efficient revenue administration and undertaking tax reform in St Lucia.



The prime minister said the new revenue measures will also include a withholding tax on interest paid to non-residents, stamp duty on share transfers, a new property tax regime and an increase in the tax on the use of cellular phones.



He told legislators that his administration will also embark on a well-financed capital programme capable of stimulating economic growth which he projects will reach 2.9 per cent this year.