Income tax in St. Vincent & Grenadines

January 24, 2018

INDIVIDUAL TAXATION

Residents of St. Vincent and the Grenadines are liable to pay income tax on their worldwide income. Married couples are assessed and taxed separately,

INCOME TAX

Income is classified into the following categories: (1) business income, (2) employment income, (3) rent and royalties, (4) interest or discounts, (5) premiums, commission, fees, and license charges, (6) annuities and other periodic income, (7) dividends from companies, and (8) other income.

Taxable income up to ECD10,000 (US$2,846) are exempted from income tax. Personal income tax is levied at progressive rates.

INCOME TAX 2018

TAXABLE INCOME, ECD (US$)
TAX RATE
Up to 5,000 (US$1,852)
10%
5,000 – 10,000 (US$3,704)
20% on band over US$1,852
10,000 – 20,000 (US$7,407)
30% on band over US$4,000
Over 20,000 (US$7,407)

32.50% on all income over US$7,407

Source: Global Property Guide

INCOME TAX

TAXABLE INCOME, ECD (US$)
TAX RATE
Up to 5,000 (US$1,852)
10%
5,000 – 10,000 (US$3,704)
20% on band over US$1,852 %
10,000 – 30,000 (US$11,111)
30% on band over US$3,704
Over 30,000 (US$11,111)

40% on all income over US$11,111

Source: Global Property Guide

Residents are entitled to a personal allowance of ECD18,000 (US$6,667)


CAPITAL GAINS
There is no capital gains tax in St. Vincent and the Grenadines.


PROPERTY TAX

Property Tax

All developed land (i.e. land with buildings) and land in urban districts are currently taxed at a rate of 5% on the annual rental value. A minimum tax of ECD10 (US$3.70) per acre is imposed on all properties.

For properties that are rented out as guest houses, property tax may be levied at 2.5%. For tourism related development where the occupancy tax is applicable and the annual rental value exceeds ECD20,000 (US$7,407), this tax may be levied at 1.5%.

Land Tax

All land owners in St. Vincent and the Grenadines are liable to pay land tax. Land tax is imposed at varying rates, depending on the location and size of the land. There are four scales of taxes; one for the mainland and three for the Grenadines.

LAND TAX IN ST. VINCENT

LAND ARE, IN ACRES TAX RATE
Up to 10 acres ECD1.50 (US$0.56) per acre
10 acres – 100 acres ECD3.00 (US$1.11) per acre
100 acres – 500 acres ECD6.00 (US$2.22) per acre
Over 500 acres ECD9.00 (US$3.33) per acre
Source: Global Property Guide

LAND TAX IN BEQUIA, UNION ISLAND AND MUSTIQUE

LAND ARE, IN ACRES TAX RATE
Up to 10 acres ECD0.75 (US$0.28) per acre
Over 10 acres ECD1.20 (US$0.44) per acre
Source: Global Property Guide

LAND TAX IN CANOUAN

LAND ARE, IN ACRES TAX RATE
Up to 10 acres ECD0.60 (US$0.28) per acre
Over 10 acres ECD1.20 (US$0.44) per acre
Source: Global Property Guide

LAND TAX IN BALLICEAUX, PETIT NEVIS,
SAVANNE, ISLE-A-QUATRE & MYREAU

LAND ARE, IN ACRES TAX RATE
Up to 10 acres ECD0.30 (US$0.11) per acre
Over 10 acres ECD0.60 (US$0.22) per
Source: Global Property Guide

CORPORATE TAXATION

INCOME TAX

Income by corporations is subject to corporate income tax at a flat rate of 32.50%. Income-generating expenses are deductible when calculating taxable income.

Comments

Be the first to comment on this article!

Login or Register to submit a comment!
In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.