Income tax in Grenada

October 10, 2018

Grenada St George´s harbour

INDIVIDUAL TAXATION

Residents are taxed on their income from Grenadian sources.

INCOME TAX

Income tax is levied at progressive rates.

INCOME TAX

TAX BASE, ECD (US$) TAX RATE
Up to 24,000 (US$8,889)
10%
Over 24,000 (US$8,889)
0.25%
Over 100,000 (US$37,037)
30% on all income over US$8,889
Source: Global Property Guide

INCOME TAX ON EMPLOYMENT INCOME

TAXABLE INCOME, ECD (US$) TAX RATE
Up to 36,000 (US$13,333) 0%
36,000 - 60,000 (US$26,666) 15%
Over 60,000 (US$26,666) 30%
Source: Global Property Guide

RENTAL INCOME
For income from other sources, the tax is levied on the net profits. Income-generating expenses are deductible when computing for the taxable income.

Annual Stamp Tax (AST)

This is a tax on gross receipts, replacing stamp on bills. Gross receipts include investment income, rental income, interest income dividends and other income not of a capital nature. The rates are:

ANNUAL STAMP TAX

TAX BASE, ECD (US$) TAX RATE
Up to 30,000 (US$11,111)
nil
30,000 - 100,000 (US$37,037)
0.25%
Over 100,000 (US$37,037)
0.50%
Source: Global Property Guide

CAPITAL GAINS
There is no tax on capital gains in Grenada.

Property Transfer Tax

Sales of real property are liable to property transfer tax, which is levied on the sales price or the property value at the time of the sale. A citizen selling a property pays 5% transfer tax.


PROPERTY TAX


Property Tax

Property tax is levied on all real property n Grenada, payable by the owner or by the tenant, according to the lease agreement. The tax is levied on the market value of the property and a taxable rate is applied based on the classification of the property.

For residential properties, the tax is levied at 0.20% on land value and 0.30% on the structure/ building value.

CORPORATE TAXATION

INCOME TAX

Income earned by resident is taxed at the corporate tax rate of 30%. Income-generating expenses are deductible when calculating taxable income.

Comments

barbara | August 06, 2010

what is the average rent for house in grenada,in american language? i pay 482 a month here in florida, what would i pay there, for 1bd, 1ba in american dollars. how does it compare?
barb

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