Antigua tax system: audit, reporting and optimization of taxation of Antigua companies and individuals: VAT, income tax and capital gains
Basic taxes (briefly)
|Corporate tax (in detail)||The income tax rate is 25%.|
|Capital gains tax. Details||No|
|VAT. Details||Sales tax is similar to VAT. The basic tax rate is 15%.|
|Other taxes||Social contributions, Property taxes|
International tax agreement
|Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sweden, Switzerland, Trinidad and Tobago|
|Aruba, Australia, Belgium, Curaçao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Liechtenstein, Netherlands, Norway, Portugal, Sint Maarten, Sweden, United Kingdom, United States|
Antigua and Barbuda reintroduced Personal Income Tax from 2005. There is an annual personal allowance of ECD36,000, and the first ECD60,000 of pension income is exempt. There is a graduated scale of tax rates from 10% to 25%. To become a resident of the jurisdiction for tax purposes, individuals must either have their permanent place of abode in the islands, or reside there for a minimum of 183 days in a year. Non-residents are taxed on their income from sources in Antigua and Barbuda. Income of non-residents is taxed at a flat rate of 25%.
Taxation of Capital Gains
Capital gains are not subject to taxation in Antigua and Barbuda.
Property tax is levied on all properties located in Antigua, but not in Barbuda. The taxable value is based on the property's current construction replacement cost. The applicable tax rates depend on the classification of the property; whether it is a residential property or commercial property.
Land tax is levied at Antigua and Barbuda, depending on the type and size of the property.
Antigua and Barbuda Company Laws provide for exemptions from local taxes for Antigua and Barbuda offshore companies for a period of fifty (50) years starting the day of incorporation. Antigua offshore companies pay no local income tax, estate tax, withholding tax or gift tax, tax exemptions are given on income which is gained outside of the offshore jurisdiction of Antigua and Barbuda. Antigua companies also pay no stamp duty on transactions which are carried out on behalf of the offshore companies. All transfers of securities or assets of a corporation formed under the International Business Corporations Act are exempt from payment of taxes and duties. For banking there is a 3% tax on gross income (i.e. interest income and fees derived from the operations and investments of the banking business minus interest expense). Antigua and Barbuda have Tax Information Exchange Agreements with 31 countries: 12 DTCs: Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sweden, Switzerland, Trinidad and Tobago 20 TIEAs: Aruba, Australia, Belgium, Curaçao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Liechtenstein, Netherlands, Norway, Portugal, Sint Maarten, Sweden, United Kingdom, United States.
INTERNATIONAL LAW RELATIONS
Antigua and Barbuda is a member of the United Nations, Commonwealth of Nations, Organization of American States (OAS), Organization of Eastern Caribbean States (OECS), International Monetary Fund (IMF), World Bank, and other international organizations.
Double Tax Treaties and Tax Information Exchange Agreements
There are no double tax treaties between Antigua and Barbuda and other countries. Simultaneously Antigua and Barbuda have 16 Tax Information Exchange Agreements: with Australia, Belgium, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Ireland, Liechtenstein, Netherlands, Antilles, Norway, Sweden, United Kingdom, and United States.
Taxes of Antigua
|Min. rate for corporate tax||25%|
|Capital gains tax||No|