Above: Antigua (CJ Photo)
By the Caribbean Journal staff
Antigua has modified its income tax structure, with a series of reductions, according to Finance Minister Harold Lovell.
The biggest change will see the personal allowance for computing income tax increase from EC $3,000 per month to $3,500 per month.
Lovell said that would mean more than 4,000 people would no longer have to pay personal income tax.
Antigua will retain its three tax brackets, which tax income from $3,501 to $15,500 at a rate of 8 percent instead of 10 percent, while maintaining the tax rate of 25 percent on all income above $15,500.
“Even the high income earners will see a reduction in their taxes, so everyone benefits.” Lovell said.
The tax changes will mean an EC $9 million reduction in tax revenue, Lovell said, funding which will be made up for by a drive to increase compliance “across all tax types,” particularly property tax.
Lovell said the government also forecasted increased revenue from the now up-and-running Citizenship By Investment Programme.