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ident chargeable income includes any income arising directly or indirectly through an agency or branch. Persons who are neither residents of nor domiciled in St. Vincent are not subject to estate, nheritance, succession, or gift tax, duty, levy, or similar charge.

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Vincent-source income at the same rates as resident corporations. However, nonresident corporations are subject to withholding tax on unremitted branch or agency profits (see item 17) except to the extent that the profits have been reinvested in St. Vincent, other than to replace fixed assets or in short-term bank notes.
17. Withholding Tax Rates
Withholding tax applies when remittances are made or when amounts accrue to nonresidents with respect to royalties, management fees, interest, branch profits (net of income tax and investments), insurance premiums, mortgage interest, and any other payment of an income nature (at 20%), dividends (at 15%), and real estate rentals (at 10%).

19. Tax Treaties

Dividends Interest Royalties

Nontreaty countries 15% 20% 20%
Treaty countries:
Antigua (1) 25 25
Barbados (1) 25 25
Belize (1) 25 25
Dominica (1) 25 25
Grenada (1) 25 25
Guyana (1) 25 25
Jamaica (1) 25 25
Montserrat (1) 25 25
St. Kitts, Nevis, and Anguilla (1) 25 25
St. Lucia (1) 25 25
Trinidad and Tobago (1) 25 25
Note:
(1) The lesser of 15% or the rate of tax chargeable in respect of the profits of the company paying the dividend.

OTHER SIGNIFICANT TAXES
22. Inheritance and Gift Taxes
There are no estate and succession duties on real estate, but there are stamp duties on personal property. There are no gift taxes but, for the purpose of assessing estate duties, gifts made within a certain period prior to the date of death are includible.
23. Taxes on Payrolls (Social Security)
National Insurance Contributions are required from each employee at 2.5% of gross salary up to a maximum monthly contribution of $41.75.
25. Other Taxes
Stamp Duty. Stamp duty is levied on the registration of documents on imported goods.Customs Duties. Almost all imported goods are subject to customs duties. A customs service charge of 2.5% of CIF value is imposed on goods imported into the state.

COMPUTATION OF TAXABLE INCOME
26. Capital Gains
See item 28.
27. Depreciation and Depletion
Buildings. An initial allowance of 10% is deductible for expenditures incurred in the construction or purchase of any building used for business purposes, except for buildings used for residential purposes or as a retail shop, showroom, or office. Annual deductions of 4% of the written-down value of the building at the end of the immediately preceding year are permitted.
　　Plant and Machinery. In addition to an initial allowance of 20%, annual deductions equal to the following percentages are permitted:
q Office furniture and equipment, electrical appliances, light plant and machinery, professional instruments and equipment, electrical wiring, plumbing fixtures, air conditioning plant and ducting, and machinery not specified below?5%
q Computers, lifts, elevators, escalators, ships, boats, tugs, barges, and other vessels?0%
q Motor vehicles other than heavy vehicles?5%
q All furniture, fittings, and equipment in hotels, other than items not specified below?5%
q Heavy motor vehicles, heavy plant and machinery, and earth moving equipment?3.33%
q Refrigerators, coolers, freezers, ice-makers, air conditioning unit and controls, equipment for processing and storing food and drinks3.33%
q Aircraft and equipment?0%
Where allowances have been granted for previous years and any such asset is disposed of, a balancing allowance or charge may result.
　　Agricultural Expenditures. Capital expenditures on any agricultural works are deductible on a straight-line basis over five years.
28. Treatment of Dividends
Residents and nonresidents carrying on business in St. Vincent include all dividends received in their assessable income. However, resident corporations receive a rebate from their tax payable on dividend income. Dividends received by nonresidents not carrying on business in St. Vincent are not included in assessable income but are subject to withholding tax (see item 17).
Where a controlled company (meaning a company controlled by not more than five shareholders excluding the government) does not distribute to its shareholders as dividends a reasonable proportion of its total income, the company is liable to pay tax of 15% on its undistributed profits of that year of assessment. The time allowed for making a sufficient distribution is the period ending December 31 in
the year of assessment; however, where any controlled company proves to the satisfaction of the Comptroller that distribution by such date would be detrimental to the business, the Comptroller may waive the requirement to make a distribution. Where excess distributions are made in a year of assessment, the amount of such excess is deemed to be a distribution in relation to the next year of assessment. A controlled company is considered to have made a sufficient distribution if its
dividend payments are a proportion of its after-tax income that the Comptroller deems reasonable.
A dividend is defined as any distribution of the assets of a company, whether in cash or otherwise, to its shareholders, and includes:
Any profit distributed (whether or not of a capital nature);
q Any amount by which the paid-up value of the shares is reduced;
q In a reorganization, any distribution in excess of the paid-up value of the shares;
q In a winding-up, any distribution in excess of the paid-up capital of the company.
29. Loss Carryovers
Losses may be carried forward for up to five years; however, the maximum amount that may be applied to any subsequent year is an amount that would cause the tax for the subsequent year to be one-half of what it would have been without the loss carryforward.
30. Transactions Between Related Parties
These must always be carried out at fair market value.
31. Consolidation of Income
There is no provision for the filing of consolidated tax returns by related corporations.
32. Tax Periods
Income tax is levied for the year ended December 31. Corporations may, with the permission of the Comptroller, compute business profits for a period of 12 months ending in the calendar year.

RELATED CONSIDERATIONS
34. Incentives and Grants
Where any company has been approved as a pioneer enterprise for the manufacture of pioneer products or as a hotel development enterprise, such company shall be exempt from tax to the extent provided under the Fiscal Incentives Act, 1982, and Hotels Aid Act.
Entrepreneurs who are granted Approved Enterprise?status by the Cabinet are entitled to fiscal incentives, which vary with the following classifications of Approved Enterprises:
q Group 1 Enterprise. Fifteen-year tax holiday to an enterprise that adds local value of 50% or more of the total sales of the approved product.
q Group 2 Enterprise. Twelve-year tax holiday for adding local value of between 25% and 50% of total sales of the approved product.
q Group 3 Enterprise. Ten-year tax holiday for adding local content of 10% to 25% of the total sales of the approved product.
q Enclave Enterprise. An enterprise that exports 100% of its production outside the Caricom area may be granted a tax holiday of 15 years.
q Capital Intensive Industry. An approved enterprise that is a highly capital intensive industry, and whose initial capital investment is not less than 25 million EC dollars or its equivalent may be granted a tax holiday of 15 years.
q Hotels. A ten-year tax holiday is granted to a new hotel enterprise, and in accordance with the Hotels Aid Act of 1988, if a hotel constru kForum Houseloanmortgageloans House Loan Mortgage Loans %CC%EC%C3%F0%D6%D0 Nl Category Entertainment House Loan Mortgage Loans international tax summaries——ST. VINCENT AND THE GRENADINES（1998）e k House Loan Mortgage Loans q Www.avav123.com Loan %D7%D4%D3%C9%C3%C5fgtv2%2E0 lForum Houseloanmortgageloans House Loan Mortgage Loans %CC%EC%C3%F0%D6%D0 Nl Category Entertainment House Loan Mortgage Loans international tax summaries——ST. VINCENT AND THE GRENADINES（1998）u t t Trade h h Loans f Wwwavav123 House Loan Mortgage Loans