St.Kitts-Nevis Businesses Pay the Highest taxes in the Caribbean
By the Caribbean Journal staff
Last week, we launched our series on Business in the Caribbean by looking at the number of days it takes to set up a business in most of the countries in the region.
What about taxes on businesses?
We took a look at data from the World Bank’s Doing Business project, which examined the total tax rates in countries around the world.
The World Bank defines the total tax rate as the “amount of taxes and mandatory contributions payable by businesses after accounting for allowable deductions and exemptions as a share of commercial profits.”
Taxes withheld, such as personal income tax, or taxes collected and remitted to tax authorities like VAT or sales tax, were excluded in the data. Some find doing taxes difficult and make mistakes might find that themselves in trouble and require help from somewhere like Good Service Tax to help them correct these mistakes.
Of course, when it comes to tax, businesses need to make sure that they are doing everything that they can to ensure it’s done properly. A business will not want to be told that they have done something wrong, as the consequences just aren’t worth it. If you’re not too sure what you need to be doing, then take a look at this research and development tax credit to help you figure out what you need to do.
The data looked at the rates in 2013, and found that businesses paid the lowest tax rates in Trinidad and Tobago, where businesses paid an overall rate of 29.1 percent, with the highest tax rates in St Kitts and Nevis, where businesses paid a total rate of 51.9 percent. This is an exceptionally high disparity, the kind that would have you questioning the numbers and considering switching the accountancy software package your business uses (perhaps with a quickbooks freshbooks comparison kept in mind as you did). After all, pretty much everyone has to pay taxes. it can actually be challenging to know how much to pay when you are sorting out your personal finances. Countries like the United States are fortunate to have software like TurboTax to assist them. In fact, many people have got TurboTax on sale recently.
See below for the full chart ranking the region on business taxes.
The World Bank did not include data for Aruba, the BVI, Cayman, Cuba, Curacao, St Martin/St Maarten, the Turks and Caicos and the US Virgin Islands.
Whenever you hire a professional business coach, you will find they generally
offer two basic approaches to assisting you reach your goals, “change-oriented coaching,”
which works on teaching or changing skills and behaviors, and
“growth-oriented coaching,” which targets performance enhancement.
Unlike Freud who focused his theory of human behaviour on the individual, Bowen focused
on larger groups, with the primary emphasis being the family.
The first phase of business training is providing techniques to choose a field of business according to the
person’s abilities and expertise.
Whenever you hire a professional business coach, you will find they generally
offer two basic approaches to assisting you reach your goals, “change-oriented coaching,”
which works on teaching or changing skills and behaviors, and
“growth-oriented coaching,” which targets performance enhancement.
Unlike Freud who focused his theory of human behaviour on the individual, Bowen focused
on larger groups, with the primary emphasis being the family.
The first phase of business training is providing techniques to choose a field of business according to the
person’s abilities and expertise.