Paying Taxes in Grenada

The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year in Grenada, as well as measures of administrative burden in paying taxes.

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Tax or mandatory contributionPayments (number)Notes on PaymentsTime (hours)Statutory tax rateTax baseTotal tax rate (% profit)Notes on TTR
Corporate income tax1 830.0%taxable profit27.6 
Stamp tax on sales1 -0.5%sales8.8 
Social security contributions12 965.0%gross salaries5.6 
Property transfer tax1 -5.0%sale price minus EC20,0002.9 
property tax1 -0.3% and 0.2%property value0.3 
vehicle tax1 -fixed value 0.1 
Tax on check transactions1 -10 centsper cheque0 
Sales tax12 3610.0%sales witheld
Totals:30 140  45.3 


Notes:
Name of taxes have been standardized. For instance income tax, profit tax, tax on company's income are all named corporate income tax in this table.
The hours for VAT include all the VAT and sales taxes applicable.
The hours for Social Security include all the hours for labor taxes and mandatory contributions in general.