SAN JUAN – The government of Antigua and Barbuda is preparing to abolish personal income tax effective by April 1 to make the country more competitive, the Ministry of Information said in a statement.
Under a law enacted by the previous United Progressive Party administration, people with an annual income above $1,200 are subject to a tax of 8 percent, while those with incomes in excess of $9,200 pay a rate of 15 percent.
Eliminating the income tax “was a major campaign promise, and my government honors its word to the people. Promise made, promise kept,” Prime Minister Gaston Browne said.
Browne said the reform will help re-establish the country as one of the most competitive in the Caribbean and put over $11 million “into the pockets of people.”
“Retirees will choose Antigua and Barbuda as their retirement home; Citizenship by investment investors will invest and chose Antigua and Barbuda over our competitors,” the government said.
Antigua and Barbuda has a population of about 89,000 inhabitants.