Corporation tax is paid at a rate as follows:

  • forty- ­five (45%) percent of chargeable profi­ts of a telephone company;
  • forty percent (40%) of the chargeable profi­ts of a commercial company other than a telephone company; and
  • twenty-five percent (25%) of the chargeable profi­ts of any other company.

Companies engaged in both commercial and non-commercial activities are taxed at dual-rates as follows:

  • twenty-five percent (25%) for the non-commercial activity of the company and
  • forty percent (40%) of the commercial activity

Important note for Commercial Companies

In circumstances where the Corporation Tax paid by a commercial company is less than two percent (2%) of the turnover in the year of earning, then a tax at the rate of two percent (2%) of the turnover of the commercial company will apply