Income tax in Grenada
Taxation Researcher | June 15, 2020
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) | |
| Over 24,000 (US$8,889) | |
| Over 100,000 (US$37,037) | |
| Source: Global Property Guide | |
INCOME TAX ON EMPLOYMENT INCOME |
|
| TAXABLE INCOME, ECD (US$) | 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) | |
| 30,000 - 100,000 (US$37,037) | |
| Over 100,000 (US$37,037) | |
| 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 28%. 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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