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New Income Tax regime in Effect

Wednesday, January 15, 2014 4:10 PM - St. George's, Grenada
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ST. GEORGE’S, GRENADA Wednesday, January 15, 2014: The Ministry of Finance
and Energy wishes to inform all employers and the general public that that the new
Income Tax regime is in effect.

Pursuant to Income Tax (Amendment) Order SRO. 1of 2014:

“The amount of tax to be deducted from the chargeable income of a person shall be at the following rates–
(a) Individual
The first $24,000.00 or less of chargeable income............................ 15%
Any amount in excess of the first $24,000.00 of chargeable income 30%
(b) Company .................................................................................. 30%”

“Chargeable Income” means any income over EC$3,000.00 per month or over EC$36,000.00 per year.

This means that persons who earn up to EC$3,000.00 per month or up to EC$36,000.00 per year will NOT BE REQUIRED TO PAY Income Tax, as the first EC$36, 000 is NOT chargeable.

Under the law, persons who earn over EC$3,000.00 and up to EC$5,000.00 will pay 15% (chargeable income being EC$24,000.00). Persons earning over EC$5,000.00 per month or over EC$60,000.00 per year will be required to pay 30% on the chargeable income in excess of EC$24,000.00.

The Ministry of Finance encourages anyone who may have questions on this matter to contact the Inland Revenue Division at 435-6853 or 440-3556 Ext 4117 or email: financegrenada@gmail.com or gndird@spiceisle.com .

Please see legal document: Income Tax (Amendment) Order SRO. 1(PDF 348KB)

 

 

 

 


 

 

 

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