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.
St. Vincent and the Grenadines is recovering from the pandemic and 2021 volcanic eruptions. The authorities’ decisive policy responses—supported by two IMF Rapid Credit Facility (RCF) disbursements and financing from other International Financial Institutions—helped protect lives and livelihoods and contain economic scars. Output decline in 2020 was the lowest in the ECCU and the economy is estimated to have grown by 0.8 percent in 2021 supported by strong post-volcanic eruption reconstruction activity.
Washington, DC: An IMF mission, led by Ms. Nan Geng, visited Saint Vincent and the Grenadines during August 18-31, 2022, for the 2022 Article IV consultation discussions on economic developments and macroeconomic policies. The mission team benefited from candid and constructive discussions with public and private sector counterparts and other stakeholders and issued the following statement:
Director General Finance & Planning
Mr. Edmond Jackson
(784) 456-1111 Ext: 3507
Fax: (784) 457-2943