Tax Rates : Third Schedule tax rates below have been included to cover installment tax and digital tax.
* Tax upon gross turnover of a person whose income is chargeable to tax under section 12D shall be taxed in the rate specified in the third schedule = 1% of the Gross Turnover.
* Tax upon the gross transaction value of services chargeable to tax under section 12E shall be taxed in the rate specified in the third schedule = 1.5% of the Gross Transaction Value.
Taxable Income : First Schedule
The following types of income are now taxable
The income of a registered home ownership savings plan :
- Income of the National Social Security Fund provided that the Fund complies with such conditions as may be prescribed.
- The income of a registered home ownership savings plan
- Income from employment paid in the form of bonuses, overtime and retirement benefits