As defined in the Grenada Income Tax Act Cap. 149, the individual annual income tax rate is 15% up to XCD 24,000 and 30% on the amount in excess of XCD 24,000. The flat tax rate for companies is 30%. There is a withholding tax of 15% which must be withheld on any payments sent to a non-resident for interest (except from bank deposits), salaries, rent, lease premiums, licenses, royalties, management charges, commissions, and fees.
VAT in Grenada is 15%, and property transfer tax for citizens is 5%, payable by the vendor/seller. Annual taxes in Grenada include property tax, which is 0.2% of the market value for residential property, and stamp tax on business receipts, which is 0.75% if gross receipts are over XCD 300,000 and 0.5% on any amounts lower then this threshold. The first XCD 36,000 is exempt from annual stamp tax.