Tax
Income Tax Act, Corporation Tax Act and VAT, with petroleum taxed separately
Individuals are taxed under the Income Tax Act and companies under the Corporation Tax Act, both administered by the Board of Inland Revenue. VAT applies under the Value Added Tax Act above a registration threshold, with returns filed bi-monthly. Energy-sector companies are additionally subject to the Petroleum Taxes Act, which is where a large share of national revenue is raised.
Key rules
- Jurisdiction — National; Tax Appeal Board then the Court of Appeal
- Deadline — Annual return: due by 30 April following the year of income
- Deadline — Quarterly instalments: 31 March, 30 June, 30 September and 31 December
- Deadline — VAT return: filed bi-monthly, within 25 days of the end of the period
Governing law
- Income Tax Act, Chap. 75:01
- Corporation Tax Act, Chap. 75:02
- Value Added Tax Act, Chap. 75:06
- Petroleum Taxes Act, Chap. 75:04
In practice
The bi-monthly VAT cycle is unusual and is a recurring compliance slip for foreign-owned businesses used to monthly or quarterly filing elsewhere. Assessments are appealed to the Tax Appeal Board, a specialist court whose decisions go on to the Court of Appeal, so tax disputes do not begin in the ordinary High Court.