New Upper Tax Band
Please note that the upper band of Individual Income Tax rates has been changed effective August 1, 2018 for the income year 2018.
This change follows the Financial Statement and Budgetary Proposal of June 11, 2018 presented by the Minister of Finance, Economic Affairs and Investment, with the purpose of:
- raising additional revenue of $41 million in a full tax year
- reducing the debt to Gross Domestic product (GDP)
Therefore, the two new rates for Tax on income for the Income Year 2018 and subsequent income years shall be calculated as follows:
| Taxable Income | Rate of Tax |
|---|---|
| Up to and including $35,000 | 16% |
| Over $35 000 and up to and including $50 000 | 33.5% |
| Over $50,000 | 40% |