Turnover Tax

  • Turnover tax is administered under the Business Licence Act [CAP 249] (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