St Vincent: CIT and PIT reduced to 28 percent from January 1
The St. Vincent and the Grenadines Inland Revenue Department says new tax tables will come into effect on January 1 for CIT and PIT.
In a release dated December 23,, the department said that effective January 1, 2023, the maximum tax rate for corporate income tax (CIT) and personal income tax (PIT) has been reduced from 30% to 28%.
The department also said that the amount of the standard deduction has gone up from $20,000 to $22,000.
As a result, the tax tables have been changed to take into account these two financial changes.
Attached for your guidance are the new tax tables.
