Anguilla Releases Tax-Free 2015 Budget
by Mike Godfrey, Lowtax.net, Washington
23 December, 2014
The Government of Caribbean territory Anguilla has announced that it will keep its tax rates low, with no tax rate increases or new taxes introduced in the 2015 Budget.
The Government said tax receipts had come in marginally above estimates last year. The territory is targeting tax revenue growth of four percent next year, which is to be achieved through heightened enforcement efforts, including the creation of a Collections Unit to chase tax arrears.
Although the Budget contained few measures, the territory has announced that it is to consider the feasibility of establishing a private jet register, a register for non-commercial private yachts, and a business name register next year. The island is also looking to enter into a public-private partnership to develop "world-class" registry software that would be sold to other offshore financial centers.
The territory's financial services promotional agency also continues to receive financial support. In the Budget, the Government said it remains committed to championing the development of financial services in Anguilla, by developing policies and legislation that make it easier to do business in Anguilla. The Government is to continue to work with the Anguilla Chamber of Commerce to consider new business opportunities for the territory.
Anguilla has no corporate income tax and individual taxpayers pay less than ten percent tax on their earnings. The territory relies instead on consumption-based taxes and asset taxes, such as the accommodation tax, annual property tax, the bank asset levy, and the embarkation tax (on persons exiting Anguilla).
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