Find Accountancy, Audit and Tax expertise in Dominica
- Overview
- Profession
- Tax
Overview
Small firms dominate the accountancy sector in Dominica, much like the rest of the Caribbean. Examples of these small private firms include Isidore Thomas, KPB Chartered Accountant, Marcus Hilton Certified Accountant, Moreau Winston & Company, Navigant Consulting Services and Dataplus Services. Out of the ‘Big Four’ accountancy firms, only KPMG serves Dominica as part of a regional framework. The Office of the Director of Audit is the government accountancy service. The Companies Act 1994 recognises the Association of International Accountants as a parent body for accountants and auditors, and stipulates the need for regular auditing. In the 2011 World Bank’s Ease of Doing Business Index the country placed 98th in the world (out of 183 countries) for resolving insolvency, compared to St Lucia in 58th place, Antigua and Barbuda in 81st and Grenada in 119th place.
Profession
There is no national accountancy body in Dominica. The primary accounting body in the region is The Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), of which Dominica is one of eight members. Members of the Institute are themselves members of other international associations and as such are bound by the Code of Ethics of these organisations. The ICAEC, established in 2004, has three branches – Antigua and Barbuda, St Kitts and Nevis and St Lucia – but none in Dominica. However, no one may classify themselves as a chartered accountant unless they have been registered as a member of the Institute and possess a valid certificate issued by the Council which entitles them to be in public practice. The ICAEC is additionally a member of the Institute of Chartered Accountants of the Caribbean. The number of accountants in Dominica is small – in 2008-2009 only one person qualified with an ACCA (Association of Chartered Certified Accountants) certificate, the recognised professional qualification. A certain level of secondary education is required to enter onto an ACCA course.
Tax
Personal income tax in Dominica is progressive, ranging from 16%-36% (tax year 2010-11). The standard corporate tax rate is 30%. However, international business companies (IBCs) that are used for offshore business purposes are exempt from all taxation for a minimum of 20 years. Other benefits of Dominica as a tax haven include no requirement to file accounting information with any authority, no capital gains tax and the fact that asset security is maintained. Value added tax (VAT) is 15% on all goods and services, except a rate of 10% on hotel accommodation. In the 2011 Ease of Doing Business Index Dominica ranked 73rd in the world for paying taxes, placing it in a parallel position to St Vincent and the Grenadines and one below the United States.
| Accountancy, Audit and Tax organisations in Dominica | |
|---|---|
| KPB Chartered Accountants |
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| Roy E Shillingford Accountancy |
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