CHAPTER 75:01 - Inland Revenue Division

Corporation Tax Act Mac 1
Vol. 1
FIRST SCHEDULE
RATE OF CORPORATION TAX
Section 3
1. For every dollar of the chargeable profits of a company, 139 thirty
per cent, except as otherwise provided in paragraphs 2 and 3 in the
case of the long-term business of an assurance company.
Finance Act 1995
LN.212 of 1989
140 Finance Act 1996
Finance Act 2002*
2. In the case of the long-term insurance business of an assurance
company the rate of tax shall be 15 per cent, except that where
profits of that business are transferred to the shareholder's account,
a corresponding amount of the profits of the accounting period
ending in the year of income in which the transfer was made shall
be treated as chargeable at the rate of 141 thirty per cent, and where
there is an insufficiency of such profits of that accounting period
the amount by which the profits so transferred exceeds the profits
of such period shall be deemed to be profits of that period after
making allowance for any tax previously paid. Amended/Deleted Finance Act 1989
L.N.212 of 1989
Amended by Finance Act 1992
Finance Act 1995
Finance Act 1996
Finance Act 2002*
3. (1) Companies engaged in the -
(a) liquefaction of natural gas;
(b) manufacture of petro-chemicals;
(c) physical separation of liquids from a natural gas stream
and natural gas processing from a natural gas stream;
(d) transmission and distribution of natural gas;
(e) wholesale marketing and distribution of petroleum
products; and
139 BIR Note: 45% changed to 39% effective 1st January, 1995; 38% changed to 35% effective 8th May, 1996
140 BIR Note: Change effective 1st January, 1990
141 BIR Note: 45% changed to 38% effective 1st January 1995; 38% changed to 35% effective 8th May, 1996
* Effective 1 st January 2003
BIR Mac Edition 91/01 Page 223