CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
RATE OF TAX
1. The rates of tax payable on the chargeable income of a person other than a
company shall be as follows: Finance Act, 1992
Amended by Finance Act, 1995
Chargeable Income Rate of Tax Finance Act, 1996
(a) for every dollar of the first $50,000 25 cents
(b) for every dollar thereafter 30 cents Finance Act 1996
Finance Act 2002*
PART II
Section 50
RATES OF WITHHOLDING TAX
104 The rates of withholding tax shall be - Finance Act, 1995
(i) on any distribution made - 15 per cent: but where such
distribution is made to a parent company the rate shall be
10 per cent;
(ii) on any payment made to a person other than a company -
20 per cent: but where such payment is a payment of interest on
any debt, mortgage or other security the rate shall be 20 per cent;
(iii) on any payment made to a company - 20 per cent:
but where there is a Double Taxation Agreement in force or where an
Order is made under section 96 of this Act, the rate of withholding tax
shall be such lesser rate as may be therein provided.
104 BIR Note: The Finance Act, 1995 effectively changed withholding tax rates from 30% to 20%, from 25% to
15% ad from 15% to 10%. Effectuve 29th March 1995.
*Effective 1 st January 2003
BIR Mac Edition 91/01 Page 160