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The Universal Social Levy (FKA Interim Stabilization Levy) also referred to as USL is a 3% levy on the gross salary or wages of all employees earning over EC$2,000.00 per month.
The employer shall match the levy of 3% on the employee’s amount of remuneration or payment not exceeding EC$12,000.00 of an employee’s salary per month.
Self-employed persons are required to pay 6% on their gross earnings once it exceeds EC$2,000.00 per month.
An employer or self-employed person is also liable to file for an employee or self-employed person whose salary is less than EC$2,000.00 per month.
An employer or self-employed persons should remit their ISL return and payment to the Inland Revenue Department (IRD) no later than 10 days after the end of each calendar month.
If an employer or self-employed person fails to file the return by the due date a penalty of EC$50.00 per day to a maximum of EC$2,000.00 per month will be levied. An interest rate of 1% per month will also apply to any amounts outstanding.
If an employer or self-employed person fails to file a return when required by the IRD is guilty of an offence and liable on summary conviction to a fine.