Dominica To Lift Most Taxpayers Out Of Income Tax
by Mike Godfrey, Lowtax.net, Washington
08 August, 2017
Dominica's Prime Minister, Roosevelt Skerrit, has proposed abolishing the 15 and 25 percent personal income tax bands, and expanding the Citizenship By Investment (CBI) program, in the island's recent 2017/18 Budget.
Skerrit said he will ask the island's National Fiscal Policy Panel to consider the abolition of the two tax bands, which will leave only the top band of 35 percent on incomes in excess of XCD50,000 (USD18,518).
Pending the Panel's decision, Skerrit said his Government will increase the minimum income tax threshold from XCD25,000 (USD9,259) to XCD30,000 (USD11,111) per year. This means that effective January 1, 2018, persons earning XCD30,000 a year or less will pay no income tax, and those earning more than XCD30,000 a year will have the first XCD30,000 of their income exempted from income tax.
Skerrit also announced that the territory is hoping to encourage those that have obtained citizenship through Dominica's successful CBI Program to also become tax resident there, by offering a capped minimum income tax liability.
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