Effective Income Year 2015, the personal income tax rates are:
- 16% of every complete dollar of taxable income up to and including $35,000; and
- 33.5% of every complete dollar of taxable income above $35,000.
Also remember that individual taxpayers are allowed a personal allowance of $25,000, while persons in receipt of pension income and are over the age of 60 are entitled to a personal allowance of $40,000.
*Note that Total Income - Personal Allowance = Taxable Income
The Corporation Tax Rate is:
- 25% of taxable income in respect of Income Year 2006 and subsequent years.
- 15% with effect from Income Year 2007 for approved small businesses under the Small Business Development Act.
- 15% for a company that is engaged in the business of manufacturing.
- 15% for a company that is engaged in the construction and sale of houses priced under $ 150,000 (inclusive of land).
- 15% for qualifying business under the Special Development Areas Act, Cap. 318C.
- 5% - Life Insurance Companies.