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Dominica Legislates For Lower Corporate Tax Rate

by Mike Godfrey, Tax-News.com, Washington

29 September 2014


The Government of Dominica has tabled a Bill to implement the 2014/2015 Budget proposals to reduce the corporate tax rate and raise personal allowances.

The Bill would cut the corporate tax rate from 30 percent to 25 percent over two years and increase the annual non-taxable allowance to XCD25,000 (USD9,259) from XCD20,000. The annual mortgage allowance will also be increased from XCD15,000 to XCD25,000.

The Bill also includes a rebate for companies that increase their workforce, which is equivalent to two percent of the new employee's salary (up to a maximum of XCD600 per employee, and XCD6,000 per year).

In addition to the above fiscal measures, the Bill provides for greater information sharing between the main government agencies involved in revenue collection.

Roosevelt Skerrit, the island's Prime Minister, said: "This Labour Party Administration has increased the [personal tax] threshold several times – to the point where, today, there are in excess of 4,000 Dominican employees who are no longer paying income tax."

TAGS: tax | employees | corporation tax | tax thresholds | tax rates | Dominica | individual income tax

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