Paying your Taxes

 

Individuals and businesses are required by law to pay various forms of tax.  Individuals pay income tax and health surcharge on their income.  Businesses must pay VAT, Corporation Tax, Business Levy, Green Fund Levy, and other Miscellaneous Taxes.  There are different procedures for paying taxes, depending on whether the payee is an individual or a business. 

 

• Procedures for Individuals 

• How much tax do I pay?

• What tax assistance is available for individuals?

• Procedure for Businesses

• How do I pay my taxes?

• Where can I make a payment?

• What are the deadlines to submit taxes?

• Where can I find more information?

 

For more information you can visit the Ministry of Finance through  following link

 

Documents and Guidelines for Taxes

 

The following booklets can be accessed through the Board of Inland Revenue

• Guide for Small Businessperson 2012 (PDF 794KB)

•  Guide For The Individual 2007

•  Expenses & Allowances for Directors and Other Employees 2010 (PDF 251KB)

•  Guidelines for Tourism Investors   2001 (PDF 184KB)

•  Corporation Tax Booklet (PDF 495KB)

•  PAYE Booklet (PDF 569KB)

•  Tax Calendar Booklet 2013 (PDF 739KB)

•  Guide to Value Added Tax 2012 (PDF 647KB)

 

For more information you can visit the Board of Inland Revenue Division through  following link 

 

Taxes

 

The Small Business Person is required to pay his taxes to the Board of Inland Revenue in quarterly installments each year. The types of taxes paid by the small business person are

• Income Tax

• Business Levy

• Health Surcharge

• Green Fund (Partnerships) 

 

The above taxes are due and payable on a quarterly basis on or before;

•  March 31

• June 30

• September 30

• December 31

 

Late payment of all taxes will attract interest at a rate of 20 % per annum from the due date to the date of payment.