- Published: Monday, 20 October 2014 08:17
Rates & Taxes would like to remind all turnover taxpayers that this month is the last quarter in which turnover tax is due. Turnover tax is governed under the Business License Act [CAP 249] and is charged at the rate of 5% whereby returns & payments are to be made on or before the following dates.
- 14 January
- 14 April
- 14 July
- 14 October
Turnover tax has not always been known to most business houses/individuals and can be confusing if not well understood as it only relates to businesses whose incomes are derived from services which are charged at the rate of zero percent or termed as exempt supplies under schedule 1 of the Value Added Tax (VAT) Act.
Eligible businesses under schedule 1 of the VAT Act are business category Fs which includes financial institutions such as Trust Companies, Money Transfers & Money Exchange, Hire Purchase services, and other professional businesses such as Accounting Firms, Law Firms, Financial & Management Services, Consultancy and Security Services, Engineering and Architectural, Real Estate & Property Developers.