Taxes in Europe Database v2
Income Tax Act (Cap 123)
Income Tax Management Act (Cap 372)
plus subsidiary legislation
Certain exemptions on capital gains on securities, interests and royalties apply.
The annual straight line rate for industrial buldings and structures, including hotels, is 2%. Commercial buldings may not be depreciated.
Average depreciation rate
6.67 – 25.00%
Only industrial buildings and hotels qualify for depreciation.
Outgoing dividends withholding tax
0.00 – 15.00 %
Outgoing interest payments withholding tax
Generally any outstanding balance has to be paid by the tax return date (this varies according to the company's accounting period).
Tax is collected as much as possible in the year in which it arises through a number of systems:
-Provisional tax: payable by companies every 4 months; also paid at source on any capital gain.
-Withholding Tax and Tax at source: withheld at source on payments of interest and dividends.
Any remaining balances of tax due are paid by the due date as mentioned above.