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List of Taxes
The following taxes are administered by the Inland Revenue Department. Below, you will find detailed information about each tax, including its purpose, rates, and due dates. Please review the information carefully to understand your obligations.
What is it?
This is a tax paid by all incorporated companies on profits derived from their business activities.
Who should pay?
All companies liable to tax.
When should CIT returns be filed?
Three (3) months after the company's financial year (FY) ends.
When should corporation taxes be paid?
Three (3) months after the company’s financial year (FY) ends.
- Quarterly Instalments
- The due date on any other assessments raised
What is the current rate?
Twenty-Eight percent (28%)
Penalties and Interest
What is it?
A tax levied on the consumption of goods and services in St Vincent and the Grenadines.
Who should pay?
All consumers.
Who should register for VAT?
- All relevant businesses grossing in sales of $300,000.00 XCD annually.
- All promoters of public entertainment.
- All hoteliers including guest houses and apartments.
Who should collect and remit VAT?
All VAT registrants.
When should VAT returns be filed and taxes paid?
On or before the 15th of the month following the tax period in which it was collected.
What is the current rate?
- Standard Rated - 16%
- Accommodation (Rooms) - 11%
- Zero Rated - 0%
- Exempt Rated - No rate.
Penalties and Interest
Interest: 1.5% monthly
What is it?
This is tax charged on income accruing to individuals from sources in or out of St. Vincent and the Grenadines (including exempt sources and standard deductions.)
Who should pay?
- Employees
- Unincorporated business owners
- Self-employed professionals
- Qualifying pensioners
- Any other person liable to pay in accordance with the Income Tax Act
When should returns on income be filed?
On or before the 31st March following the calendar year in which income was earned.
When should Personal Income taxes be paid?
On or before the 31st March following the calendar year in which income was earned.
What is the current rate?
Note
Interest: 1.5% monthly
What is it?
This is a tax levied on income earned by non-resident persons rendering services to a resident person.
Who should pay?
Non-resident persons.
Who should withhold and remit WHT?
The resident taxpayer or agents.
Withholding Tax Rates
| Categories | Rates |
|---|---|
| Standard rate on services | 20% |
| Rental | 10% |
| CARICOM - Royalties, Interest and Management Fees only | 15% |
When should WHT remittances be filed and taxes paid?
On or before the 15th of the month following the tax period (month) for which the tax was withheld by the resident.
Penalties and Interest
Interest: 1.5% monthly
What is it?
Tax imposed on certain goods manufactured in SVG.
Who should register and pay Excise Tax?
Persons who manufacture and sell excisable products.
When should Excise Tax returns be filed and taxes paid?
On or before the 15th of the month following the tax period in which it was collected.
Penalties and Interest
Interest: 1.5% monthly
What is it?
This is a tax levied on ALL Transient visitors occupying rooms at ANY visitor accommodation premises.
What is the rate for this tax?
The tax will be charged at XCD 8.00 per night per room.
When is the tax due?
On or before the 15th of the month following the tax period in which it was collected.
What is it?
A mechanism used for the monthly deduction of income tax by employers from their employees’ remuneration.
Who is liable for deduction?
All employees earning above the annual standard deduction.
Who should withhold and remit PAYE?
All employers on behalf of their employees.
When should PAYE remittances be filed and taxes paid?
On or before the 15th of the month following the tax period (month) for which the tax was withheld by the employer.
When are annual PAYE returns due?
31st January of the year following the previous calendar year.
What is the current rate?
Interest: 1.5% monthly
What is it?
Tax charged on the cost of each ticket purchased or fare paid for travel originating from SVG.
When is the tax due?
On or before the 15th of the month following the tax period in which it was collected.
Who should file and remit?
All travel agencies and airlines resident/operating in SVG.
What is the rate?
5% of the cost of the ticket.
What is it?
A tax charged on all premiums paid by policy holders to insurance companies.
When is the tax due?
On or before the 15th of the month following the tax period in which it was collected.
Who should pay?
All insurance providers.
What is the rate?
5% on all premiums.
What is it?
An annual tax charged on the market value of lands/houses/buildings in SVG.
When is the tax due?
On or before the 31st July (annually).
When is the rate?
What is it?
A quarterly tax paid by all businesses based on their last annual tax payable.
Who pays Estimated Tax?
All businesses chargeable to estimated tax.
When is the tax due?
It is paid in four (4) installments in the 6th, 9th, and 12th months of the income year and 3 months after the income year ends.