Income tax on rent, worked example, in Dominica
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| Non-resident couple´s joint monthly rental income1 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income2 | 18,000 | 72,000 | 144,000 | |
| Less Expenses (30%)3 | 5,400 | 21,600 | 43,200 | |
| = Taxable Income | 12,600 | 50,400 | 100,800 | |
| Income Tax 4 | ||||
| Up to ECD 25,000 | 0% | - | - | - |
| ECD20,000 - ECD 45,000 | 15% | - | 2,222 | 2,222 |
| ECD20,000 - ECD 75,000 | 25% | - | 3,341 | 9,259 |
| Over ECD 75,000 | 35% | - | - | 14,539 |
| Annual Income Tax Due | - | 5,563 | 26,021 | |
| Tax Due as % of Gross Income | 0.00% | 7.73% | 18.07% | |
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 US$ = 2.70 ECD
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4 Rental incoem earned by nonresident individuals are taxed at progressive rates.
INCOMTE TAX 2017 |
|
| TAXABLE INCOME, ECD (US$) | TAX RATE |
| Up to 30,000 (US$ 11,111 ) | 0% |
| 30,000 - 50,000 (US$ 18,519 ) | 15% |
| 50,000 - 80,000 (US$ 29,630 ) | 25% |
| Over 80,000 (US$ 29,360 ) | 35% |