CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's monthly email newsletter.


Login - for registered users

Forgot Password?
Click map to read research
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 



Living There
 
Jan 20, 2009

Living There

INDIVIDUAL TAXATION

Residents of St. Vincent and the Grenadines are liable to pay income tax on their worldwide income.

INCOME TAX

Taxable income up to ECD10,000 (US$3,710) are exempted from income tax. Personal income tax is levied at progressive rates.

INCOME TAX

TAXABLE INCOME, ECD (US$)
TAX RATE
Up to 5,000 (US$1,852)
10%
5,000 – 10,000 (US$3,704)
20%
10,000 – 30,000 (US$11,111)
30%
30,000 – 45,000 (US$16,667)
40%
Source: Global Property Guide

Each resident taxpayer is entitled to a personal allowance of ECD1,200 (US$444). Additional allowances are given to residents:

  • spouse allowance: ECD700 (US$259)
  • child allowance for every child up to 16 years old: ECD400 (US$148)
  • child allowance for every child over 16 years old but still studying: ECD400 (US$148)
  • handicapped child: ECD400 (US$148)
  • dependent relative: ECD200 (US$74)
  • overseas education expense allowance for every dependent child studying outside the islands: ECD700 (US$259)

Other deductions extended to resident taxpayers are as follows:

  • housekeeper allowance of a widowed taxpayer enlisting a nanny or housekeeper to help take care of the children: ECD200 (US$74)
  • life insurance deductions: maximum of ECD3,600 (US$1,333)
  • medical expense deductions: maximum of ECD500 (185)
  • Mortgage interest expense deduction: maximum of ECD10,000 (US$3,704)
  • Credit union savings deduction: maximum of ECD600 (US$222)

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 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$7,408), 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$0.60) per acre
10 acres – 100 acres ECD3.00 (US$1) per acre
100 acres – 500 acres ECD6.00 (US$2) per acre
Over 500 acres ECD9.00 (US$3) 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$0.30) per acre
Over 10 acres ECD1.20 (US$0.45) per acre
Source: Global Property Guide

LAND TAX IN CANOUAN

LAND ARE, IN ACRES TAX RATE
Up to 10 acres ECD0.60 (US$0.20) per acre
Over 10 acres ECD1.20 (US$0.45) 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$0.10) per acre
Over 10 acres ECD0.60 (US$0.20) per
Source: Global Property Guide



Comments


No comments found.



Add your comment


Name:
Email: (will not be published)
Comment: 


Compare Coutries
Free Newsletter

Subscribe to our Newsletter!

Enter your email address to sign up.