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Part-Exchanges, Returned Goods, Deposits etc.

Instalment Payments, Hire Purchase, Deposits & Credit Sales

 

 

Advance receipt for services or a deposit

 

Where a deposit is given in connection with a supply of goods or services or advance payment for rendition of services in the future, is concluded as part of the consideration for a supply of services.

 

The supply of services occurs at the earliest of:

 

• The date the services are completed

• An invoice covering the services issued

• Consideration for services received

 

 

Price discounts and rebates at time of supply

 

The value of a supply is reduced by any price discount or rebates allowed and accounted for at the time of the supply of goods or rendition of services.

 

 

Supply under a Credit Agreement

The value of a supply of goods under an installment sale or finance lease (a credit agreement) is the cash value of the supply. The cash value in relation to a supply of goods under a credit agreement means;

 

Where the seller or lessor is a bank or other financial institution, an amount equal to the sum of —

            (i) The consideration paid by the bank or other financial institution for the goods or the fair market value of the supply of the goods to the bank or other financial

            institution whichever is the greater;

 

and

            (ii) Any consideration for erection, construction, assembly, or installation of

            the goods borne by the bank or other financial institution; or

 

Where the seller or lessor is a dealer, an amount equal to

the sum of —

 

(i)            the consideration at which the goods are normally sold by the dealer for cash; and

(ii)          any consideration for erection, construction, assembly, or installation of the goods borne by the dealer;

 

Contact Us

St. Lucia Inland Revenue Department
VAT Section
Manoel Street
Castries
St. Lucia, W.I.

Tel: (758) 468 2800
Fax: (758) 452 4984
Email:
vatcoordinator@vat.gov.lc
vatinfo@vat.gov.lc

Useful Links

Inland Revenue Department  www.irdstlucia.gov.lc

 

Government of Saint Lucia  www.stlucia.gov.lc

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