2018 Budget Offers Tax Reduction On Incomes

Vincentians will benefit from tax breaks offered by the government of SVG in 2018.

Finance Minister Camilo Gonsalves said that the reduction in the top marginal rate for personal income tax from 32.5 to 30, will result in revenue loss of $4.2 million.

Increase in the standard deduction from $18,000 to $20,000 will result in revenue loss of $2.7 million.

Reduction in taxes paid on corporate incomes from 32.5 to 30 percent and the additional relief on hotels operation, will result in revenue loss of $5.1 million.

A total of $12 Million dollars in revenue will be loss due to the tax reduction.

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