Category Centre - Banks/Insurance Companies/Hotels
FINANCIAL INSTITUTIONS/BANKS/INSURANCE COMPANIES/HOTELS
In addition to these two specific taxes, those taxes applicable to all other companies may be also applicable to Financial Institutions, Banks, Insurance Companies and Hotels.
Financial Institution means a company, which carries on all or any of the aspects of banking business or business of a financial nature.
Visit the Category COMPANIES/EMPLOYERS for further details
Financial Services & Insurance Premium Taxes
Amounts collected monthly must be remitted to the Board by the 15th of the month following that in which the tax was collected.
New Measures - November 2008
The Financial Services Tax Return and the Insurance Premium Tax Return will both be mailed to the Financial and Insurance Institutions respectively. These returns must be used when remitting taxes collected.
Hotel Accommodation Tax
A statement of the full amount of the proceeds of the letting of all hotel accommodation and the applicable room tax for each month is to be submitted by the 15th of the month following that in which it was deducted.
New Measures - July 2007
A Hotel Accommodation Tax Return has replaced the previous Hotel Accommodation Tax Statement. These returns will be mailed to all registered Hoteliers and must be used when remitting taxes collected monthly.
TAX RATES:
|
Types of Tax
|
Rates of Taxes (%)
|
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
|
Corporation Tax on Banks, Other Companies and Other Than Long-term Insurance Business
|
35
|
35
|
35
|
30
|
30
|
30
|
25
|
25
|
25
|
25
|
|
Corporation Tax on Long-term Insurance Business
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
|
Business Levy
|
0.25
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
|
Green Fund Levy
|
N/A
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
|
Tax on Financial Services
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
|
Insurance Premium Tax
|
6
|
6
|
6
|
6
|
6
|
6
|
6
|
6
|
6
|
6
|
|
Tax Withheld on Refund of Pension Contribution
|
10
|
10
|
10
|
10
|
10
|
10
|
25
|
25
|
25
|
25
|
|
Tax Withheld on Surrender of Annuity Plans
|
25
|
25
|
25
|
25
|
25
|
25
|
25
|
25
|
25
|
25
|
|
Hotel Accommodation Tax
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
10
|
|
Value Added Tax
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
15
|
The dates stated are the last dates for making payments or filing Tax Returns. Persons are urged to pay and file where applicable on or before the due dates to avoid interest and penalty charges.
Specific Deductions –
Financial Institutions
In addition to the tax deductions granted to all companies, Financial Institutions are allowed a deduction in computing their chargeable profits of an amount equal to ten (10) percent of the Net Increase of loans made to “approved small companies”. (up to 31/12/05)
Insurance
In addition to the deductions granted to other companies, where a company makes a contribution to its Catastrophe Reserve fund, a deduction shall be allowed in computing the chargeable profits of such contributions up to a maximum of 20% of the net written premium income of the company. No deduction is granted where the Catastrophe Reserve fund is equal to or exceeds the net written premium income of the company, in the year of income or to that portion of a contribution which will cause the fund to exceed the net written premium income of the company.
