No New Taxes in Antigua And Barbuda Budget
by Mike Godfrey, Lowtax.net, Washington
17 February, 2018
Antigua and Babuda's recent 2018 Budget imposed no new taxes despite ongoing fiscal challenges and a high debt to GDP ratio.
The territory's Government said it will start to align the corporate tax rate for the international financial sector with the domestic sector, so they pay a uniform rate. Alignment will start with the banking sector, and will eventually lead to a reduction in the domestic tax rate.
The territory will also explore new arrangements allowing banks in the "offshore" sector to carry out wholesale banking activities that do not rival the receipt of deposits from existing domestic banks.
Despite setbacks to the territory's citizenship by investment program, including Canada revoking visa-free travel for Antiguan and Barbudan passport holders, the program will be maintained and applicants will continue to be vetted rigorously.
A new entrepreneurial development program will be funded by a charge of 5 cents per minute on incoming calls.
Tax compliance will continue to be a focus of the government, with property owners targetted to ensure they are paying all property tax due, and early payers enjoying a discount.
Efforts to simplify and harmonize tax administration under the Tax Administration and Procedure Act will continue.
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