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Retained

  • Statutory Tax Rate 30
  • Surtax Based on Taxable Income 0
  • Surtax Based on Statutory Tax 0
  • Surtax Deductible from Taxable Income 0
  • Statutory Tax Deductable 0
  • Effective Tax Rate 30

Statutory Tax Rate

Effective from 18 July 2022, the standard corporate tax for companies is 30%. Previously, corporate tax was levied at progressive rates as follows:

Category

Tax Rate

Small entities having turnover up to SSP 1 million

10%

Medium entities having turnover exceeding SSP 1 million and up to SSP 30 million

20%

Large entities having turnover exceeding SSP 30 million

25%

Effective 18 July 2022, insurance companies are subject to tax at the rate of 10% (previously exempt from tax).