Grenada to lower income tax
The Grenada government says it will lower the income tax threshold as part of a home grown structural adjustment programme that is expected to get the approval of the International Monetary Fund (IMF) and other donors.
At present, income tax is calculated at 30 per cent on earnings above EC$5,000 per month.
In making the announcement Prime Minister Keith Mitchell said the majority of citizens will still not be paying taxes because most people are not earning EC$3,000 a month.
He says it is expected that the new policy will be outlined when the 2014 national budget is presented in December.
And Mitchell, who is also Finance Minister, said Grenada is expecting about US300 million in debt relief as a result of the debt restructuring programme.
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