Income Tax - is a tax levied on the chargeable income of individuals, corporations, or other legal entities.
Who is required to pay Income Tax?
Corporations, trustees, sole traders, partners within partnerships and all employees who earn in excess of $3,000 monthly or $36,000 per annum.
The chargeable income of a person for any year of assessment is the aggregate amount of the assessable income of that person for that year of assessment from the sources specified in section 29.
(i) any other gains or profits accrued to that person which are not included under any other paragraph of this subsection.
Any amount accrued by way of wages, salary, leave pay, fee (including director’s fee), commission, bonus or gratuity in respect of employment in Grenada.
Any travelling, entertainment or other allowance to the extent to which it does not represent a repayment to the employee of moneys wholly, exclusively and necessarily expended by him in the performance of the duties of their employment.
The rental value of any quarters or residence provided by reason of the employment.
The value of any other benefit or advantage received or enjoyed by the employee by reason of the employment.
Any pension payable to a former employee or the dependent of a former employee by the trustees of a pension fund in respect of the employment.
Any loan or advances by a controlled company to a shareholder deemed to be employment income.
How to fill out a Personel Income Tax.