In its quest to further reduce the tax burden on the Vincentian populace, the government in its 2018 National Budget is offering some tax breaks.
Among the measures announced in this regard, are a reduction in the standard rate of company taxes from 32.5 percent to 30 percent, and a reduction in the marginal rate for personal income tax from 32.5 percent to 30 percent.
Minister of Finance, Camillio Gonsalves in presenting the 2018 Budget yesterday, also announced that the income tax rate for hotels previously at 30 percent will be reduced to 29 percent, and the standard deduction for personal income tax will be raised from $18,000 to $20,000.
The Finance Minister said that combined, these tax reductions will result in revenue loss of 12 million dollars.
