- 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.
However, other business houses such as Commercial Banks and Insurance Companies which also fall under F1and F3 are not included.
Late payments carry a Penalty Fee of 10% and accumulating at this rate every month if payments remain unpaid.
For more information please contact the Rates and Taxes Office by phone: 00678 24969 (Port Vila), 00678 36386 (Santo), 00678 66784 (Lenakel) or visit us at our Office in Carnot Street, Port Vila or at Millennium Building in Luganville or Commercial Center Building in Lenakel.
