Taxation in Antigua and Barbuda
Encyclopedia
In Antigua and Barbuda
, the profits tax for corporations in 2003 was 40%. Incorporated businesses are taxed at 2% of gross income with the first $4,160 of income per month tax-exempt. The income tax
, introduced in 1924, was abolished for residents at the end of 1976. Taxes on residential
property are based on current replacement values, and in 2003 were subject to surcharges of 0–20% depending on zoning regulations. Hotels are taxed at preferential rate of 0.2% of taxable value while other commercial property is taxed at 0.75% of taxable value. Other taxes include taxes on life and general insurance premiums, and on property transfers.
Antigua and Barbuda
Antigua and Barbuda is a twin-island nation lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major inhabited islands, Antigua and Barbuda, and a number of smaller islands...
, the profits tax for corporations in 2003 was 40%. Incorporated businesses are taxed at 2% of gross income with the first $4,160 of income per month tax-exempt. The income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
, introduced in 1924, was abolished for residents at the end of 1976. Taxes on residential
property are based on current replacement values, and in 2003 were subject to surcharges of 0–20% depending on zoning regulations. Hotels are taxed at preferential rate of 0.2% of taxable value while other commercial property is taxed at 0.75% of taxable value. Other taxes include taxes on life and general insurance premiums, and on property transfers.