Grenada Tax Tables 2024 - Tax Rates and Thresholds in Grenada

This page contains the tax table information used for the calculation of tax and payroll deductions in Grenada in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ GD, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Grenada or would like to add to or suggest amendments to the information herein then please contact us.

Grenada Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Grenada are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Grenada Tax Calculator 2024.

Grenada provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Grenada in 2024:

In Grenada, social security deductions made by employees are not deductible when calculating taxable income. This means that the amounts employees contribute towards social security are included in their gross income and are subject to income tax. Consequently, these social security contributions do not reduce the taxable income of the employees, and the overall income tax liability is calculated based on the gross income before any social security deductions are made. This approach aligns with the tax systems in many countries where social security contributions are not deductible from taxable income.

Grenada Social Security and Payroll Deduction Rates in 2024

In Grenada, both employees and employers contribute to a social security system, which provides various benefits and support to the workforce. The main elements of these contributions include pension funds, sickness and maternity benefits, employment injury benefits, and survivors' benefits.

Pension Fund Contributions: Contributions towards the pension fund are designed to provide income security for individuals after retirement. These funds ensure that employees have a stable source of income in their later years, contributing to their financial stability.

Sickness and Maternity Benefits: Contributions also fund sickness and maternity benefits. These benefits offer financial support to employees during times of illness or maternity leave, ensuring they have the necessary assistance during these periods.

Employment Injury Benefits: Employment injury benefits are another important component, providing coverage for employees who suffer from work-related injuries or illnesses. This includes medical expenses and compensation for loss of income during the recovery period.

Survivors' Benefits: Survivors' benefits are provided to the families of deceased employees. These benefits offer financial support to dependents, helping them cope with the financial challenges following the loss of a family member who was a breadwinner.

The social security system in Grenada plays a critical role in ensuring the well-being and financial security of the workforce and their families. For employers, contributing to this system is a mandatory responsibility, reflecting their commitment to the welfare of their employees. This comprehensive approach to social security provides a safety net for employees, ensuring support across various life stages and circumstances.

Grenada VAT Rates in 2024

VAT rates for Grenada are reviewed annually, you can use the VAT Calculator to calculate VAT due in Grenada or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Grenada

The following tax tables are supported by iCalculator™ GD as part of the suite of free tax tools we provide for Grenada.