Saint Vincent and the Grenadines Tax Tables 2020 - Tax Rates and Thresholds in Saint Vincent and the Grenadines
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This page contains the tax table information used for the calculation of tax and payroll deductions in Saint Vincent and the Grenadines in 2020. These tax tables are used for the tax and payroll calculators published on iCalculator™ VC, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Saint Vincent and the Grenadines or would like to add to or suggest amendments to the information herein then please contact us.
2020 Tax Tables [Quick Links]
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Saint Vincent and the Grenadines Personal Income Tax Tables in 2020
The Income tax rates and personal allowances in Saint Vincent and the Grenadines are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Saint Vincent and the Grenadines Tax Calculator 2020.
Saint Vincent and the Grenadines provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Saint Vincent and the Grenadines in 2020:
Saint Vincent and the Grenadines Standard Deduction in 2020| Residence Status | Standard Deduction |
|---|
| Resident | $ 20,000.00 |
| Non-resident | $ 20,000.00 |
Saint Vincent and the Grenadines Residents Income Tax Tables in 2020
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 20,000.00 |
| 10% | Income from $ 20,000.01 | to | $ 25,000.00 |
| 20% | Income from $ 25,000.01 | to | $ 30,000.00 |
| 30% | Income from $ 30,000.01 | | and above |
Saint Vincent and the Grenadines Non-residents Income Tax Tables in 2020
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 20,000.00 |
| 10% | Income from $ 20,000.01 | to | $ 25,000.00 |
| 20% | Income from $ 25,000.01 | to | $ 30,000.00 |
| 30% | Income from $ 30,000.01 | | and above |
Saint Vincent and the Grenadines Social Security Rates in 2020
The social security system in Saint Vincent and the Grenadines, funded by contributions from both employees and employers, plays a vital role in providing financial support and security to individuals in various life circumstances. The system ensures that workers are supported in times of need, such as during retirement, illness, maternity, or work-related injuries.
In Saint Vincent and the Grenadines, both employees and employers contribute to the social security system. These contributions fund various benefits and services aimed at providing financial security for individuals in different circumstances. Here, we explore the types of social security contributions and their respective purposes, without specifying the rates.
Saint Vincent and the Grenadines Social Security in 2020: Rates for Employers and Employees| Social security category | Employee | Employer | Total |
|---|
| Social Insurance Services (NIS) Contributions | 3.5% | % | 3.5% |
Saint Vincent and the Grenadines Social Security in 2020: Earnings Thresholds for Employers and Employees| Social security category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Social Insurance Services (NIS) Contributions | n/a | n/a | n/a | n/a |
1. National Insurance Services (NIS) Contributions
National Insurance Services (NIS) contributions form the backbone of social security in Saint Vincent and the Grenadines. These contributions are made by both employees and employers and are used to fund several key benefits:
- Pension Benefits: These contributions help in providing pension benefits to retired individuals, ensuring financial support during their retirement years.
- Sickness Benefits: This element of social security assists individuals who are temporarily unable to work due to illness, offering them financial support during their recovery.
- Maternity Benefits: Maternity benefits support women who are on maternity leave, providing them with financial assistance during and after their pregnancy.
- Employment Injury Benefits: These benefits are directed towards employees who suffer from a work-related injury or illness, ensuring they receive financial aid during their period of recovery.
- Survivors’ and Funeral Grants: In the event of the death of a contributor, the NIS provides financial support to the survivors and assists with funeral expenses.
2. Health Insurance Contributions
While not a separate contribution, a portion of the NIS contributions goes towards funding health-related benefits. This includes access to medical care and services, helping to cover the costs associated with healthcare.
Saint Vincent and the Grenadines VAT Rates in 2020
VAT rates for Saint Vincent and the Grenadines are reviewed annually, you can use the VAT Calculator to calculate VAT due in Saint Vincent and the Grenadines or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Saint Vincent and the Grenadines VAT Rates| VAT Rate | VAT Description |
|---|
| 16% | Standard Rate |
Historic Tax Tables supported for Saint Vincent and the Grenadines
The following tax tables are supported by iCalculator™ VC as part of the suite of free tax tools we provide for Saint Vincent and the Grenadines.