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Montserrat

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About

Montserrat

Capital
Official languages
Population 
Currency

ISO 4217

Plymouth

English

5,879 (as of July 2020)

Eastern Caribbean Dollar

XCD

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Economy

"Montserrat is a small Caribbean island with a population of just over 5,000 people. Despite its small size, the economy of Montserrat is surprisingly strong. According to the World Bank, the GDP of Montserrat in 2019 was $90.3 million, with a GDP per capita of $18,000. This is higher than the average GDP per capita of the Caribbean region, which is estimated to be around $14,000.

The economy of Montserrat is largely driven by tourism, with the island being a popular destination for cruise ships and other travelers. In 2019, the tourism sector accounted for around 25% of the island's GDP. Other important sectors of the economy include construction, manufacturing, and agriculture. The agricultural sector is particularly important, as it provides employment for around 20% of the population.

The government of Montserrat has also taken steps to diversify the economy and attract foreign investment. In 2019, the government launched a new economic development plan, which includes incentives for businesses to invest in the island. This plan has already seen some success, with the number of foreign companies investing in Montserrat increasing by over 50% in the last year.

Overall, Montserrat has a strong and growing economy, with a GDP per capita that is higher than the Caribbean average. The government's economic development plan is also helping to attract foreign investment and diversify the economy, which should help to ensure continued growth in the future."

Taxation

Montserrat is a British Overseas Territory, and its taxation system is overseen by the government of the United Kingdom. The local government of Montserrat has some authority to set tax rates and regulations, but the general framework is established by the UK government.


For individuals, income tax rates range from 10% to 25% based on income brackets. The tax year in Montserrat runs from January 1st to December 31st, and individual tax returns are due by March 31st of the following year.


For businesses, corporate income tax rates are generally 20%, although certain industries may be subject to different rates or tax incentives. There is also a payroll tax on employers, which is based on the total wages paid to employees.


Tax payments can be made online or in person at a tax office, and penalties may apply for late or incorrect payments. The government of Montserrat also offers various tax incentives and exemptions to encourage investment in certain sectors and regions.

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