Dominica

Basic taxes (briefly)

Personal tax	0-35%
Corporate tax (in detail)	Dominica tax resident companies pay income tax on their worldwide income. Income tax is paid at the rate of 25%. The special tax regime established for international business companies, under which they did not pay taxes, expires on December 31, 2021.

Capital gains tax. Details
VAT. Details	The standard VAT rate is 15%. A 10% VAT rate applies to hotel services and diving.
Other taxes	Social contributions
Government fee
Stamp duty	2,5%

International tax agreement

	Antigua and Barbuda, Barbados, Belize, Guyana, Grenada, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Saint Lucia, Trinidad and Tobago, Switzerland, Jamaica

	Australia, Belgium, Great Britain, Germany, Greenland, Iceland, Denmark, Canada, Netherlands, New Zealand, Norway, Portugal, Sweden, Faroe Islands, Finland, France.

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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	25%

Capital gains tax	No
VAT	15%
Withholding tax	15%/15%/15%
Exchange control	No