Sales tax
The sales tax is 40% for joint-stock companies and 25% for non-joint-stock companies. However, local manufacturing and foreign enterprises for export purposes are entitled to a 10-15 year reduction in business tax. The duration of the tax reduction generally varies according to the magnitude of value added by the enterprise. The rate of tax reduction varies from 25% to 50% depending on the percentage of the enterprise's export profits to the total profits. After the expiration of the tax reduction treatment, the government may extend the tax reduction period for another five years on top of the original period of tax reduction entitlement for those enterprises that have done a good job in assisting the government in accomplishing its economic growth objectives.
Import tariffs
Customs tariff rates for imported goods range from 5 percent to 70 percent. Foodstuffs are about 35%, daily necessities about 20%, large machinery about 5% and building materials about 25%. Nominally imported goods to the CIF price as the basis for taxation, but in fact the price of imported goods to the Customs Valuer's valuation shall prevail, the commercial invoice is not as the basis for taxation, it is often arbitrary. Additional taxes are levied on certain imported goods, such as tobacco, cement, petroleum products, vans, ordinary trucks and some timber.
Indirect Taxes
Indirect taxes are an important source of revenue for the government. Indirect taxes are exempt for export-oriented manufacturing, tourism and other recognized businesses. Indirect taxes include the following:
(1) Consumption tax
Goods produced and sold in Ann and imported goods are subject to consumption tax. The basic rate of consumption tax is 15%, but some imported goods, such as raw materials for industrial use, machinery and equipment, hotel decoration materials and equipment are exempt from consumption tax.
(2) Customs surtax
A surtax of 3% is levied on the CIF price of goods exempted from imported consumption tax.
(3) Customs Service Tax
Customs service tax is levied on all imported goods at 5% of the CIF price.
(4) Insurance Tax
The insurance company or agent shall pay 3% of the premium income (or commission) as insurance tax, including property, life and other insurance, except automobile insurance.
(5) Stamp Duty
A. Stamp Duty on Immovable Property
Sellers are required to pay 5% of its value as stamp duty; purchasers are required to pay 2.5%. The value of real estate is based on the value assessed by the Chief Assessor appointed by the government.
B. Mortgage Stamp Duty
A mortgage stamp duty of 0.6% is levied on the registration and cancellation of a mortgage.
(6) Tax on Undeveloped Land for Non-Anhui Citizens
Non-Anhui citizens who are unable to develop the land they own in a timely manner are subject to the following tax based on the value of the land:
5% in the first year
10% in the second year
15% in the third year
20% in the fourth year and thereafter
Personal Income Tax
Since 1976, citizens of Ann have been exempt from personal income tax, foreigners working in Ann are subject to personal income tax, and foreign investors and joint-venture personnel may apply to the Ministry of Finance for exemption from the tax.
Antigua's social security system:
Antigua's social security system includes maternity benefits, employment injury insurance, accidental death insurance, old age pension, sickness benefit, and family member's income insurance. Every employed person between the ages of 16 and 60 must be insured.
Social Insurance
Antigua's social insurance system is relatively well-developed. Units or individuals who pay social insurance premiums are eligible for social insurance. The benefits provided by social insurance are directly proportional to the social insurance contributions paid. All employees between the ages of 16 and 60, including foreign employees, are eligible for this benefit.
Both employers and employees are required to contribute 2.5% of their respective health insurance premiums.
Sabbatical Payments
Sabbatical payments are made when an employee is dismissed, based on the length of their employment. Weekly paid employees are paid one day's severance pay for one month's work; monthly paid employees are paid one month's severance pay for one year's work.
Antigua, beautiful scenery, beautiful scenery, as a famous vacation destination, has 360 quality beaches, blue sea, sunny beaches, with a strong Caribbean tropical flavor. In 2013, Ann opened up to the world a more open and enthusiastic mind.