Corporation tax is paid at a rate as follows:

  • forty- ­five (45%) percent of chargeable profi­ts of a telephone company;
  • forty percent (40%) of the chargeable profi­ts of a commercial company other than a telephone company; and
  • twenty-five percent (25%) of the chargeable profi­ts of any other company.

Companies engaged in both commercial and non-commercial activities are taxed at dual-rates as follows:

  • twenty-five percent (25%) for the non-commercial activity of the company and
  • forty percent (40%) of the commercial activity

Following an amendment to Section 7 of the Corporation Tax Act, private corporate educational institutions and private corporate medical healthcare institutions were exempt from the payment of Corporation Tax from January 1, 2020. 

Important note for Commercial Companies

In circumstances where the Corporation Tax paid by a commercial company is less than two percent (2%) of the turnover in the year of earning, then a tax at the rate of two percent (2%) of the turnover of the commercial company will apply