In November 2022, Government introduced a new tax regime for the importation for motor vehicles. The new import tax regime lowers Import Duty and Excise Tax rates on certain classes of motor vehicles and modified the motor vehicle Surcharge Tax.
The Comptroller of Inland Revenue is responsible for administering and applying the provisions of the International Tax Cooperation (Economic Substance) Act (“the Act”).
Further to the Department’s notice issued on the 23rd December 2022, kindly be informed that effective 1st January, 2023, the maximum tax rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) will be reduced from 30% to 28%. Further, the Standard Deduction rate will be increased from $20,000 to $22,000.
Contact Information
Director General Finance & Planning
Mr. Edmond Jackson
Telephone:(784) 457-1343
(784) 456-1111 Ext: 3507
Fax: (784) 457-2943
E-mail: office.finance@gov.vc
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