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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.
- Neither jurisdiction have
Transfer pricing methods
- Neither jurisdiction has provided any guidance on transfer pricing methods that are appropriate.
- 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.
- Transactions that have created a right or obligation which would not normally be created between independent persons dealing at arm’s length.
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