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Global transfer pricing guide

Transfer pricing - St Lucia and St Vincent & The Grenadines

01 Oct 2023

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Introduction to transfer pricing in St Lucia and St Vincent & The Grenadines
Transfer pricing rules
  • Neither St. Lucia nor St. Vincent and the Grenadines has enacted transfer pricing legislation. Both jurisdictions rely largely on the general anti-avoidance provision, which are set out both Income Tax Acts, to assess whether transactions are on an arm’s length basis.
OECD guidance
  • Neither jurisdiction have
Transfer pricing methods
  • Neither jurisdiction has provided any guidance on transfer pricing methods that are appropriate.
Self-assessment
  • Both jurisdictions have a self-assessment regime, where the burden of proof rest with the taxpayer.
Transfer pricing documentation
Preparation of transfer pricing documentation
  • Neither jurisdiction has any transfer pricing documentation requirements.
Master and local file
  • There are no provisions in either jurisdiction.
Some risk factors for challenge
  • Transactions with non-resident related parties.
Penalties
  • Transactions that have created a right or obligation which would not normally be created between independent persons dealing at arm’s length.
Related developments
Digital services tax
  • Based on a recent ruling by the Appeal Commissioners, services which are provided via remote access are deemed to be performed in St. Vincent and the Grenadines

For further information on transfer pricing in St Lucia and St Vincent & The Grenadines please contact:

Floyd_Patterson.png

Floyd Patterson
T (784) 456-2300
E floyd.patterson@lc.gt.com

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Richard Peterkin
T (758) 456-2626
E richard.peterkin@lc.gt.com

 

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