Tax Calculators

Corporate Income Tax Calculator

Corporation tax is a tax charged on the earnings of companies, partnerships or bodies of trust.

The following are the applicable tax rates:

Companies filing audited accounts: the higher of 1% of turnover or 27% of chargeable income; and
Companies filing unaudited accounts: the higher of 2% of turnover or 27% of chargeable income.

Instructions:

Step 1: Input Business Revenue;
Step 2: Check Audited Accounts Box (If Applicable);
Step 3: Click "Show Details" under "Cost of Sales" and input all or applicable amounts;
Step 4: Click "Show Details" under "Expenses" and input all or applicable amounts;
Step 5: Click "Show Details" under "Allowable Deductions" and input all or applicable amounts;
Step 6: Click "Show Details" under "Tax Settled" and input all or applicable amounts; and
Step 7: Click on screen for automated calculation.

VARIABLE	VALUE
Business Revenue	GMD
Opening Stock	GMD
Operating Expenses	GMD
Losses Brought Forward	GMD
Total Installment Payments	GMD
Purchases	GMD
Salary / Wages	GMD
Other Deductions	GMD
Total Withholding	GMD
Audited Account?
Cost of Sales Show Details
Opening Stock	GMD
Purchases	GMD
Closing Stock	GMD
Closing Stock	GMD
Fringe Benefits Tax	GMD
Overpayments / Credit brought forward	GMD
Total Cost of Sales	GMD
Foreign Exchange Losses	GMD
Tax Exempted	GMD
Gross Profit	GMD
Qualifying Interest Expenses (for non-financial institutions)	GMD
Foreign Tax Credit	GMD
Expenses Show Details
Operating Expenses	GMD
Salary / Wages	GMD
Fringe Benefits Tax	GMD
Foreign Exchange Losses	GMD
Qualifying Interest Expenses (for non-financial institutions)	GMD
Other Costs and Expenses (excluding depreciation)	GMD
Capital Allowance	GMD
Other Costs and Expenses (excluding depreciation)	GMD
Capital Allowance	GMD
Total Expenses	GMD
NET PROFIT / LOSS	GMD
Exempt Income	GMD
Assessable Income	GMD
Allowance Deductions Show Details
Losses Brought Forward	GMD
Other Deductions	GMD
Total Allowance Deductions	GMD
CHARGEABLE INCOME	GMD
Profit Tax Rate	%
Tax on Profit	GMD
Turnover Tax Rate	%
Tax on Turnover	GMD
Tax Liability	GMD
Tax Settled Show Details
Total Installment Payments	GMD
Total Withholding	GMD
Overpayments / Credit brought forward	GMD
Tax Exempted	GMD
Foreign Tax Credit	GMD
Total Tax Settled	GMD
Actual Tax Due	GMD