On 21 June 2019, the Government of Saint Lucia announced that the House of Assembly has agreed to the Income Tax Amendment (2) Act, which ensures that an international business company (IBC) that was incorporated prior to 1 January 2019 and elected to pay 1% income tax will continue to be liable to pay income tax on its worldwide income, and will not benefit from the new territorial system that provides exemption for foreign income. This applies in relation to grandfathered IBCs in order to satisfy the requirements of the OECD with regard to harmful taxation. In relation to this,...