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%.