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Greenland

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About

Greenland

Capital
Official languages
Population 
Currency

ISO 4217

Nuuk

Greenlandic (Kalaallisut)

56,483

Danish Krone

DKK

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Economy

Greenland has a small, open economy that is heavily dependent on exports of fish and seafood products. According to the World Bank, the GDP of Greenland in 2019 was estimated to be $2.2 billion, with a GDP per capita of $50,845. The unemployment rate in Greenland was 4.2% in 2019, and the inflation rate was 1.2%. The main industries in Greenland are fishing, fish processing, and tourism. The main exports of Greenland are fish and seafood products, which accounted for over 90% of total exports in 2019. The main trading partners of Greenland are Denmark, the United States, and the Faroe Islands. The government of Greenland has implemented a number of policies to promote economic growth, including tax incentives for businesses and investments in infrastructure.

Taxation

Greenland is an autonomous territory of Denmark and has its own tax system, which is separate from that of Denmark.


Corporate Taxation:

Companies registered in Greenland are subject to a corporate tax rate of 24.5%. In addition to corporate tax, companies may also be subject to other taxes such as payroll tax, value-added tax (VAT), and resource tax.


Personal Taxation:

Individuals who are resident in Greenland are subject to income tax on their worldwide income. The tax rates for individuals range from 9.08% to 42.8% depending on their income level.


Tax Payment Process:

The tax year in Greenland runs from 1st January to 31st December of the same year. Both individuals and corporations are required to file their tax returns annually, with the deadline for filing being in April of the following year.


Taxpayers can make their payments at any authorized bank or online through the Greenlandic tax authorities' website. In addition to income tax, taxpayers may also be subject to other taxes such as property tax, motor vehicle tax, and energy tax.


In summary, the tax system in Greenland is based on a corporate tax rate of 24.5% for companies and a progressive income tax system for individuals, with tax rates ranging from 9.08% to 42.8%. The tax year runs from January 1st to December 31st with the deadline for filing tax returns being in April of the following year. Taxpayers can make their payments at any authorized bank or online through the Greenlandic tax authorities' website.

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