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Dominica's government seeking flat tax; increases income tax exemption threshold by 20% in the interim

Roseau, Dominica - Dominica's Government has announced that it intends to simplify its tax system with only one rate of income tax. The announcement was made by Prime Minister and Minister for Finance, the Honourable Roosevelt Skerrit during his 2017/2018 Budget Address. In the interim, the Government has announced an increase in the income tax exemption threshold by 20% effective January 1, 2018.

The Prime Minister described the move as "major," and, "bold".

"Madam Speaker for us to achieve the bold vision enunciated in this presentation, we must have a tax system that incentivises employment over consumption, and income over idle assets. Consequently, Madam Speaker, we shall be directing the National Fiscal Policy Panel to consider and advise on the abolition of the 15% and 25% income tax bands as early as the next fiscal year. Under this proposed system, Dominicans would only start paying income tax when their income reaches the 35% tax rate," the Prime Minister stated...

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