Grenada To Announce Lower Income Tax Threshold As It Prepares Debt Restructuring Program

The leader of heavily indebted Grenada is preparing to lower the income tax threshold and make new efforts to catch tax dodgers, The Washington Post reported. The Caribbean nation’s state-run news agency said Sunday that Prime Minister Keith Mitchell is expected to announce the new tax measures during a national address this week. Mitchell recently traveled to the U.S. to meet with representatives of the International Monetary Fund and the World Bank to discuss Grenada’s economy and debt burden. The island is planning a debt restructuring program. Grenada’s Government Information Service says lowering the income tax mark was one of the IMF’s recommendations. Currently, islanders earning an annual salary of just over $22,000 have to pay income tax of 30 percent. Financial analysts expect the new threshold to be lowered to half that amount. Read more.