CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
(m) any annual profits not falling under any of the foregoing paragraphs.
3A . Amended/Deleted Finance Act 1989
106 3A. (1) There shall be levied and paid to the Board a tax to be known as
business levy on the gross sales or receipts of a company for each year of
income at the rate of 107 0.2 per cent.
Business Levy
Finance Act 1993
Finance Act 1995
Finance Act 1996
Finance Act 1997
Finance Act 35 of 1998*
Act 91 0f 2000**
(2) Subsection (1) does not apply to -
(a) companies during the first twelve months following their
registration;
(b) companies or statutory corporations exempt from corporation tax
under any Act;
(c) the gross sales or receipts of a company which give rise to profits
exempt from corporation tax under any Act;
(d) the Deposit Insurance Corporation, the Agricultural Development
Bank, the Public Transport Service Corporation and public utilities
under the jurisdiction of the Public Utilities Commission or exempted
by Order of the President;
(e) companies that are subject to tax under the Petroleum Taxes Act;
and Ch. 75:04
(f) the gross sales or receipts of a company whose gross sales or
receipts in the preceding year of income do not exceed the sum of two
hundred thousand dollars, unless there are reasonable grounds to
believe that the gross sales or receipts of the company in the particular
year will exceed that sum; Finance Act 1996
F.A. 35 of 1998*
106 BIR Note: Effective 1st January, 1993
107 BIR Note: Formerly 0.5%. Change effective 1st January, 1996
* Effective 1 st January 1999
** Effective 1 st January 2001
BIR Mac Edition 91/01 Page 185