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GD Tax 2024

iCalculator™ GD: Grenada Tax Calculators

Welcome to iCalculator™ GD, your comprehensive suite of free tax calculators for Grenada. iCalculator™ has provided free tax calculators for Grenada since 2019. Since those early days we have extended our resources for Grenada to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Grenada Tax Calculator and salary calculators within our Grenada tax section are based on the latest tax rates published by the Tax Administration in Grenada. In this dedicated Tax Portal for Grenada you can access:

Grenada Tax Calculator 2024/25

The Grenada Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Grenada. This includes calculations for

  1. Employees in Grenada to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Grenada.
Grenada Tax Calculator 2024
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Discover Grenada

Grenada, known as the 'Island of Spice', is located in the southeastern Caribbean Sea, northwest of Trinidad and Tobago, northeast of Venezuela, and southwest of Saint Vincent and the Grenadines. It is part of the West Indies and is the southernmost island in the Grenadines chain. The country includes the main island of Grenada and several smaller surrounding islands. Discover more about Grenada's neighboring countries: Trinidad and Tobago, Venezuela, and Saint Vincent and the Grenadines.

Culturally, Grenada is a melting pot of African, East Indian, French, and British influences, reflecting in its cuisine, music, and traditions. The island is renowned for its vibrant cultural festivals, including the famous Grenada Carnival, known for its colorful costumes, calypso music, and street parades. Grenada's cuisine is a fusion of flavors, heavily influenced by its abundant spice production, particularly nutmeg and mace, which are significant export products.

The economy of Grenada is primarily based on services, with tourism playing a dominant role. The island's stunning beaches, lush rainforests, and rich cultural history attract visitors from around the world. Agriculture is another important sector, with Grenada being one of the world's largest producers of nutmeg and mace. Other agricultural products include cocoa, bananas, and other fruits. The country is also developing its education sector, with the St. George's University attracting international students, particularly in medicine.

Despite its small size, Grenada has a diversified economy with growing sectors like manufacturing and offshore financial services. However, like many island nations, Grenada faces challenges such as vulnerability to natural disasters and reliance on a few key sectors. The government is focused on sustainable development, aiming to balance economic growth with environmental conservation.

Overview of Taxation in Grenada

The tax system in Grenada includes a variety of taxes that are essential for both individuals and businesses. Major components of this system encompass personal income tax, corporate tax, value-added tax (VAT), and import duties. Personal income tax in Grenada is levied on the earnings of individuals, covering wages, salaries, and other forms of personal income. Corporate tax is imposed on the profits generated by companies operating within Grenada. VAT, a consumption tax, is applied to a wide range of goods and services, contributing significantly to the nation’s revenue.

In addition to these primary tax categories, the Grenadian tax system also features property taxes, excise taxes, and customs duties. Property taxes are charged based on the ownership and value of real estate. Excise taxes are levied on specific goods, often including luxury items or those with health implications, such as alcohol and tobacco. Customs duties are important for Grenada as an island nation, impacting the cost and availability of imported goods.

Understanding the nuances of Grenada's tax laws is crucial for compliance and effective financial management, both for individuals and businesses. The government offers various incentives and exemptions in certain sectors to promote economic growth and investment. For the latest information on Grenadian tax regulations, including the most current tax tools and tables, visit our comprehensive tax hub and calculator, a valuable resource for navigating the complexities of taxation in Grenada.