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Grenada To Lower Income Tax Threshold

by Mike Godfrey, Tax-News.com, New York

01 November 2013


Grenada's prime minister, Keith Mitchell, is planning to lower the territory's tax threshold and step up efforts to catch tax dodgers.

In an announcement on October 30, 2013 the prime minister said that only individuals earning more than XCD60,000 (USD22,222) a year will pay 30 percent tax under the new system. Those with an annual income of between XCD30,000 and XCD36,000 will pay a tax of 15 percent.

The prime minister also issued a warning to those attempting to avoid paying taxes, saying that Inland Revenue has identified the top 100 tax delinquents and is pursuing them for the taxes they owe to the state.

These new measures are part of a structural adjustment program aimed at boosting Grenada's economy.

Mitchell recently met representatives of the International Monetary Fund (IMF) and the World Bank to discuss Grenada's economy. One of the IMF's recommendations was lowering the tax threshold.

TAGS: tax | tax avoidance | International Monetary Fund (IMF) | Grenada

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