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Ministry of Finance

Revenue Division

TAXES

• Income Tax

A limited company is liable to income tax at the rate of 30% on its taxable profit.  Tax relief may be available in respect of Commonwealth income tax (S.40 of Income Tax Act).  Individuals or other bodies of persons other than company are not subject to income tax.

• Income (Petroleum) Tax

Special legislation exists in respect of income from petroleum operations which is taxable under the Income Tax (Petroleum) Act 1963 as amended.

• Mining Act

Special licences shall be issued for mining activity of which such licences may cover land allocated for mining purposes. Mining Act cover mining activities which shall include crude oil, petroleum and gas, coal, gold and all metals and substances in or under the ground.

• Stamp Duty

Stamp duties are levied on a variety of documents. Certain types of documents attract an ‘ad valorem’ duty, whereas with other documents the duty varies with the nature of documents. Instruments which are not duly stamped, will not be admissible as evidence in any civil proceedings

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