Individual taxation overview
Foreign income tax
Capital gains tax
* Gifts may be subject to transfer tax (see below)
Taxable income includes employment and business income, less allowable deductions and allowances.
|Type of income||Derived/sourced in Grenada||Arising outside Grenada|
|Residents||Chargeable at progressive rates, see below|
|Non-residents||Chargeable at progressive rates, see below||0%|
Income tax rates are applied as follows:
- 10% on income up to XCD 24,000.
- 30% on income over XCD 24,000.
Allowances and deductions
Resident personal allowance is XCD 36,000.
5% to 15% on the transfer of real property, payable by the seller.
Non-resident buyers must obtain an alien landholding licence for 10% of the purchase price.
0% to 0.5% depending on the type of property.
Land and buildings are taxed at separate rates, subject to exemptions.
Social security contributions
The employee must contribute 4% of their gross salary.
The employer’s portion is 5%.
Maximum amount of monthly contributions for both employee and employer is XCD 5,000 each.
VAT is charged at a rate of 15% on almost all goods and services imported to and sold in Grenada. A reduced rate 10% applies to the tourism sector; 20% VAT is charged within the telecommunications sector. Some goods and services are tax exempt.