The Government of Anguilla Inland Revenue Department has issued a press release, dated August 18, 2011, announcing an amendment to the Interim Stabilisation Levy. This change, passed during Carnival Week, is effective as of August 1, 2011.
The change is announced as follows…
“The removal of the cap of EC$12,000.00 per month. As such, remuneration exceeding EC$2,000.00 per month will have to pay 3% on the entire amount. The employer will continue to pay a levy of 3% on the amount of remuneration or payment not exceeding EC$12,000.00 per month.”
There has been no public comment on this amendment beyond the press release itself issued by Gecheal Richardson (IRD Management).
However, prior to this amendment, there had been some complaining that the levy (a temporary measure to balance the budget) was placing an unfair burden on lower income-earners, in that those who earned more than $12,000 were not taxed on surplus amounts. Also, it was felt that this levy was a hardship on companies.
The amendments seems to be meet those complaints, extending the levy to those individuals with incomes exceeding EC$12,000 per month. And the extension does not apply to employers, who do not pay 3% of remunerations of over $12,000.
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