What are the taxes in Grenada?

2024-06-25
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In Grenada, the tax structure for individuals includes both income tax and social security contributions:

  1. Income Tax: Income tax is levied progressively. For the first EC$24,000 of income, the rate is 10%. Any income exceeding this amount is taxed at a rate of 28%. This progressive tax structure aims to provide a fair taxation system where the tax burden increases with the ability to pay.
  2. Social Security Contributions: Individuals also contribute to social security, which is set at 5% of their salary. This contribution goes towards funding various social benefits, including pensions, healthcare, and other social welfare programs.
  3. Non-Resident Income Tax: Non-residents who earn income from sources within Grenada are subject to a withholding tax at the source, which is taxed at a rate of 15%. This is applicable to earnings such as rental income from property owned in Grenada or income from employment or business activities conducted within the country.

These taxes are part of Grenada's broader fiscal policy, designed to fund public services and infrastructure while also managing the economic development of the country. Individuals working or investing in Grenada should be aware of these tax responsibilities and might consider consulting with a tax professional to ensure compliance and optimize their tax strategy.

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