Turnover tax was repealed with effect from 1 January 2020.
Turnover tax was imposed under Section 18A of the Business Licence Act [CAP 249]. It was imposed on businesses defined as Category F4 “Other Professional and Business Services”.
The legislative amendment was made in the Statute Law (Misc Provisions) Act no.2 of 2021
The business licence fee for Commercial Banks is based on turnover and remains applicable. Applying from 1 January 2020, the calculation of the fee was changed from 7% of turnover to 5% of turnover. This legislative amendment was also made in the Statute Law (Misc Provisions) Act no.2 of 2021
Click here to access the Turnover Tax brochure