What is Corporation Tax ?
Corporation tax is a form of Income Tax that is levied on corporate bodies such as Limited Companies, Trusts and Co-operatives.
Resident and non-resident companies are taxable at a rate of 30% on taxable income.
Methods of Payment:
Corporate Income Tax is paid in installments by both individual and corporate Taxpayers who have tax payable for the year. The installments are spread evenly at 25% of the tax due or are simply divided into four (4) equal installments and payable on or before the 15th of the 3rd, 6th, 9th and 12th months of the year of assessments.
Due Date for payment:
1st Quarterly: 15th day of the last month in the relevant quarter (to reflect changes)
Due Date for Returns Filing:
Annual Corporate Tax Returns should be submitted annually on 30th April each year.
Legal Provision of reference:
Section 5 (1) and Part III of the First schedule of Income Tax Act, 2000 (as amended)
Section 150 (1) of Income Tax Act, 2000 (as amended)