Income tax in St. Vincent & Grenadines
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$2,846) are exempted from income tax. Personal income tax is levied at progressive rates.
INCOME TAX 2018 |
|
| TAXABLE INCOME, ECD (US$) | |
| Up to 5,000 (US$1,852) | |
| 5,000 - 10,000 (US$3,704) | |
| 10,000 - 20,000 (US$7,407) | |
| Over 20,000 (US$7,407) | 32.50% on all income over US$7,407 |
| Source: Global Property Guide | |
INCOME TAX |
|
| TAXABLE INCOME, ECD (US$) | |
| Up to 5,000 (US$1,852) | |
| 5,000 - 10,000 (US$3,704) | |
| 10,000 - 30,000 (US$11,111) | |
| 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, |
|
| 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.