Income Tax
Personal income tax is applicable to total taxable income of an Individual and all individuals are taxed at progressive marginal rates over a series of income brackets. The tax year runs from 1 March to 28 February.
Tax rates for the 2010/2011 to 2012/2013 tax years were as follows:
Tax rates proposed for the 2013/2014 tax year are as follows:
Income tax is typically withheld by the employer.
Individuals are responsible for submitting a tax return form to the Receiver of Revenue once a year. Individual taxpayers are categorised into three groups each submitting a different colour tax return. There are brown, blue and yellow forms.
Since 2014 taxpayers can use an online wizard to help prepare the blue tax form
Value Added Tax
A 15% Value added tax (VAT) is applicable to almost every commodity. Basic commodities like sugar, bread etc. are exempted from VAT.