Personal income tax is tax charged on the earnings of individual businesses (sole proprietorships and enterprise owners).
The following are the applicable tax rates:
Individuals filing audited accounts: the higher of 1% of turnover or the first schedule applied on the chargeable income
Individuals filing unaudited accounts: the higher of 2% of turnover or or the first schedule applied on the chargeable income
Instructions:
Step 1: Input Business Revenue
Step 2: Check Audited Accounts Box (If Applicable)
Step 3: Under the "Cost of Sales" heading, input all or applicable amounts
Step 4: Under the "Expenses" deading, and input all or applicable amounts
Step 5: Under the "Employment Income / Emolument" heading, input all or applicable amounts
Step 6: Click "Show Details" under "Allowable Deductions" and input all or applicable amounts
Step 7: Click "Show Details" under "Tax Settled" and input all or applicable amounts
Step 8: Click on for automated calculation
