From April this year, the Government of Antigua and Barbuda plans to abolish personal income tax in its entirety.
This tax was introduced in 2004 by the previous government. Currently the personal income tax is levied at a rate 10 per cent on income exceeding 36000 East Caribbean dollars (XCD) a year or 25 per cent on income exceeding 180000 XCD. Income that is less than 36000 XCD is exempt form tax. The exchange rate of East Caribbean dollar is pegged to US dollar (1 USD = 2,7 XCD).
Prime Minister Gaston 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”.
The abolition of personal income tax is planned among the wide range of reforms in public sector. The government’s plans include creating good international business environment, new jobs, as well as continuation of Citizenship by Investment Program that must improve the country’s image against the competitor jurisdictions.
Antigua and Barbuda is an independent state of the Commonwealth, situated on islands in the Caribbean Sea. Along with the other countries of the region, it offers a unique Citizenship by Investment Program, which allows getting a second passport in a relatively short period, which enables you not only to live, work or rest in this country but also to visit more than 120 other countries of the world without visa.