Annual Stamp Tax is a tax charged on gross receipts of a business. The Tax charged for a year is based on the gross receipts for the previous year. That is, the tax for 2018 is based on the gross receipts for 2017.

 

0.5 % in respect of businesses with gross receipts under three hundred thousand dollars ($300,000.00) per annum.

0.7% in respect of businesses with gross receipts in the amount of three hundred thousand dollars ($300,000.00) and above. (Effective 2018)

 

NB: In applying the percentage rate of this tax, the first thirty six thousand dollars ($36,000.00) is exempt.

 

 

The percentage rate to be used in calculating Annual Stamp Tax (Tax period 2016) is:

 

Prior to tax period 2016 (the tax was amended in 2015), the rates were as follows;

 

NB:The minimum Stamp Tax payable is $100.00.

 

Returns are due by March 31st of the assessment year.  Any person who fails to submit a return within the prescribed time or any extended time allowed by the Comptroller would be liable to a penalty equal to the greater of.                                                                                        

 

5% of the amount of the tax owing plus a further 1% for the amount of the tax owing for each month or part of a month during which failure to file continues, and

 

$500.00, plus a further $100.00 for each month or part month the failure to file continues.

 

Late filing fee is limited to $10,000.00

 

20% of the tax due but not paid.

 

1.5% per month or part month, compounded, if an amount is not paid by the due date.

 

The tax is payable in nine monthly instalments, starting from April and going right on to December of the year the tax is payable.