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Antigua And Barbuda To Abolish Personal Income Tax

by Mike Godfrey, Tax-News.com, Washington

22 January 2016


From April this year, the Government of Antigua and Barbuda will abolish personal income tax (PIT).

PIT was introduced in 2004, when the previous United Progressive Party government came to power. Income above XCD3,500 (USD1,296) is taxed at an eight percent rate, while a 15 percent rate applies to income above XCD25,000.

Prime Minister Gaston Browne said: "The loss of XCD37m from the elimination of the PIT will be partially substituted by an increase in the revenue recovery charge (RRC) from 10 percent to 13 percent, which is expected to yield an additional XCD20 million in revenue." He said food goods currently exempt from sales tax (ABST) will not be affected by this increase.

Introduced in 2010, the RRC is levied on the cost, insurance, and freight (CIF) value of goods that are imported into or produced in Antigua and Barbuda.

Browne said: "Abolishing Personal Income Tax is an important reform. Not only will it put more money in the pockets of the people, so that they can save or spend more for the benefit of the economy as whole, it will help to re-establish our country as one of the most competitive in the Caribbean and beyond."

TAGS: tax | sales tax | insurance | food | offshore | Antigua and Barbuda | individual income tax | Tax

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