The Legislative Assembly of Montserrat approved the Income and Corporation Tax (Amendment) Act 2024 on 25 July 2024. The Act provides for an increase in the personal income tax allowance from XCD 15,000 to XCD 18,000, along with revised personal income tax brackets/rates as follows:
- XCD 18,001 to 25,000 - 5%
- XCD 25,001 to 35,000 - 20%
- XCD 35,001 to 45,000 - 25%
- XCD 45,001 to 150,000 - 30%
- over XCD 150,000 - 40%
The changes apply for years of assessment beginning on or after 1 January 2024…