ANNUAL INCOME TAX RATES APPLICABLE TO RESIDENT INDIVIDUALS (Effective 2004)
CHARGABLE INCOME
|
CHARGABLE INCOME
|
RATE OF TAX
|
TAX CHARGED ¢
|
CUMULATIVE
INCOME ¢ |
CUMULATIVE TAX
CHARGED ¢ |
|
|
First
|
¢1,500,000
|
FREE
|
NIL
|
¢1,500,000
|
NIL
|
|
Next
|
¢1,500,000
|
5%
|
¢75,000
|
¢3,600,000
|
¢75,000
|
|
Next
|
¢3,000,000
|
10%
|
¢300,000
|
¢6,000,000
|
¢375,000
|
|
Next
|
¢21,600,000
|
15%
|
¢3,150,000
|
¢27,000,000
|
¢3,525,000
|
|
next
|
¢33,000,000
|
20%
|
¢6,600,000
|
¢60,000,000
|
¢10,125,000
|
| Exceeding |
¢60,000,000
|
30%
|
|||
The income tax rate applicable to non-resident individuals is 20% flat.
REMEMBER
• You must call at the nearest IRS Tax Office to collect the appropriate forms for completion and submission.
These notes do not cover every point but any Tax Office will be pleased to help you.
You can locate your nearest Tax Office by going to the CONTACT Section of the Website
IF YOU ARE AN EMPLOYEE, DO YOU HAVE OTHER SOURCES OF INCOME? IF SO HAVE YOU FILED YOUR ANNUAL RETURNS FOR LAST YEAR?
DO NOT WAIT. DO IT NOW
These notes are for guidance only and reflect the tax position at the time of writing.
They do not affect your right of appeal against your own tax.
ISSUED BY THE INTERNAL REVENUE SERVICE SEPTEMBER 2004