Increased Income Tax Threshold For Dominicans
Prime Minister Roosevelt Skerrit says that government will be directing the National Fiscal policy panel to consider and advise on the abolition of the 15 percent income tax bands as early as the next fiscal year.
The Prime Minister in this year’s budget presentation says that under the new proposal. Dominicans will only begin paying income tax when their income reaches the 35 percent tax rate.
He says, in the interim, government will ease the tax burden and announced an increase in the tax threshold to 30 thousand dollars, which will take effect in January 2018.
The Adjustment in the tax threshold is expected to result in an estimated 5 percent loss in revenue.
The Prime Minister went on to say that government is exploring a Tax resident feature to the Citizenship by Investment program to replace the expected loss.