Current Income Tax Rates

Effective 1st January 2018, every resident individual, is entitled to the Resident Allowance of $30,000.00.

On the chargeable income of every individual, unincorporated body of persons or trustees:

Income Range
0 to 30,000 for every dollar on the first $30,000 no tax
30,001 to 50,000 for every dollar on the next $20,000 tax @ 15%
50,001 to 80,000 for every dollar on the next $30,000 tax @ 25%
80,001 and above on ever dollar in excess of 80,001 tax @ 35%

 

Rates broken down on a monthly basis as follows:

  • Resident Allowance -2,500.00 (30,000/12)
  • The next $1,666.67 @ 15% (20,000/12*15%)
  • The next $2,500.00 @ 25% (30,000/12*25%)
  • $6,666.67 - every chargeable income in excess of 6,666.66 is tax at a rate of 35%

 

Effective 1st January 2016, tax on the Chargeable Income of a company, on every dollar thereof at 25%.