Antigua And Barbuda Releases 2016 Budget

admin January 26, 2016 Comments Off on Antigua And Barbuda Releases 2016 Budget
Antigua And Barbuda Releases 2016 Budget

Antigua and Barbuda’s 2016 Budget Statement confirms that personal income tax will be abolished from April this year and announces revenue offsets.

Antigua and Barbuda will increase the revenue recovery charge (RRC) by three percent to 13 percent. Food exempt from sales tax (ABST) will not be affected by this increase.

The Budget also provides for the creation of a Revenue Court; legislative amendments to prevent corporate profits from being converted into personal income; the introduction of a Unincorporated Business Tax Act, “to capture payments that were previously made by sole traders and partnerships, to include professionals, under the Personal Income Tax Act;” and redoubled efforts to tackle excise duty evasion.

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