Dominica

Basic taxes (briefly)

Personal tax No
Corporate tax (in detail) The law provides a minimum 20 years Tax Exemption for offshore companies beginning from the day of incorporation
Capital gains tax. Details
VAT. Details
Other taxes No
Government fee 500 USD
Stamp duty No

International tax agreement

Tax treaties entered Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Switzerland, Trinidad and Tobago
   
Tax Exchange Information Agreement (TEIA) Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Poland, Portugal, South Africa, Sweden, United Kingdom, United States


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TAXATION

Personal Income Tax

There is no personal income tax for IBCs in Dominica.

Corporate Tax

There is no corporate tax for IBCs in Dominica.

Capital Gains Tax

There is no capital gains tax for IBCs in Dominica.

VAT

Dominica IBCs are not subject to VAT.

Withholding Tax

Dominica IBCs are not subject to withholding tax.

Stamp Duty

Dominica IBCs are not subject to stamp duty.

Government Fee

Dominica IBC should pay annual fees on the birthday of the IBC and every twelve (12) months thereafter. The amount of the fee depends on the date of payment:
if paid by 30 June 500 USD
if paid after 30 June but by 31 October 550 USD
if paid after 31 October but by 31 December 750 USD
for every subsequent 3-month period +250 USD

Other Taxes and Duties

Dominica IBCs are exempt from taxation.

Double Tax Agreements

Dominica has exchange of information relationships with 31 jurisdictions through 11 DTCs and 20 TIEAs:
  • 11 DTCs: 11 DTC: Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Switzerland, Trinidad and Tobago
  • 20 TIEAs: 20 TIEA: Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Poland, Portugal, South Africa, Sweden, United Kingdom, United States

Foreign Exchange Control

There is no exchange control in Dominica.

ACCOUNTS

Financial Statements

A company incorporated IBC Act shall keep and make available to the Registrar at all reasonable times accounting records that -
- are sufficient to record and explain the transactions of the company; and
- will at any time enable the financial position of the company to be determined with accuracy
A company shall keep accounting records required to be kept under subsection for a period of seven years from the date on which they are prepared.
The accounting records and minutes required by this section shall be kept in English, at the registered office of the company in Dominica.
In this section "accounting records" means all books, vouchers, invoices, contracts, financial statements, and any other relevant records pertaining to the financial affairs, including the assets and liabilities, of a company incorporated in Dominica.
A company that willfully contravenes this section is liable to a penalty of the hundred United States dollars in respect of each day of part thereof during which the contravention continues, and a director who knowingly permits the contravention is liable to alike penalty.

Annual Return

Dominica IBCs are not required to prepare and file annual return.

Tax Returns

Dominica IBCs are not required to file tax return.

    Taxes of Dominica

    Min. rate for corporate tax 0%
    Capital gains tax No
    VAT No
    Withholding tax No
    Exchange control No
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