- Turnover tax is administered under the Business License Act No. 19 of 1998 (Section 18 A).
- Turnover tax is charged to those businesses that fall under the business category F (refer to fee schedule), particularly on income derived from export and exempt supply services of which are not taxable under the Value Added Tax (VAT) Act.
- These business types include financial institutions and other professional businesses. Financial institutions consist of Banks; Accounting Firms; and Insurance Companies. Other Professional businesses include Law Firms; Consultancy Firms; and Security Services.
- Turnover Fee = 5% x Gross Income
- Turnover Fee for Commercial Banks = 7% x Net Interest Income
- Returns are to be lodged on a quarterly basis before or on the following due dates:
- 14 January
- 14 April
- 14 July
- 14 October
- Penalty fee = 10% of every month + Turnover Fee
Click here to access turnover fee return form