p; 25.0 Nil
Nontreaty:
Nonresident corporations…33 1/3 33 1/3 33 1/3 33 1/3
Nonresident individuals……25.0 25.0 25.0 25.0
Treaty:
Canada…………… 15.0 22.5 15.0 10.0
Caricom countries(4) … 0.0 0.0 15.0 15.0
China………………………5.0(6) 5.0(6) 7.5(6) 10.0(6)
Denmark……………………15.0 10.0 12.5 10.0
France…………………… 15.0 10.0 10.0 10.0
Germany……………………15.0 10.0 12.5(5) 10.0
Israel…………………… 22.5 15.0 15.0 10.0
Norway…………………… 15(6) 15(6) 12.5 10
Sweden……………………22.5(6) 10.0(6) 12.5 10.0
Switzerland………………15.0(6) 10.0(6) 10.0 10.0
United Kingdom…………15.0(6) 22.5(6) 12.5 10.0
United States……………15.0(6) 10.0(6) 12.5 10.0
Notes:
The numbers in parentheses refer to the notes below.
1.No tax is deducted where the dividends are paid out of franked income.
2.No withholding tax is applicable where the interest is paid by a local bank or financial institution to an approved overseas organization, i.e., a foreign bank or financial institution approved by the Minister of Finance.
3.Tax is deducted from interest paid to Jamaican residents only if paid by a bank or certain other financial institutions.
4.Rates apply only to specified member states.
5.Reduced to 10% if received by a bank recognized as a banking institution under the
laws of that state.
6.The lower treaty rates do not apply if the recipient has a permanent establishment in the other territory that is "effectively connected" with the company paying the dividend.
TAX ADMINISTRATION
Returns/A corporation is subject to tax on its income for a calendar year. Where, however, the Commissioner of Income Tax is satisfied that a corporation normally prepares financial statements to a date other than December 31, the company may be permitted to use the profits of its own financial year rather than the calendar year as the basis of assessment.
Corporate taxpayers file annual self-assessed returns with the tax authorities.
Payment of tax/The balance of income tax payable for a taxation year, after deduction of the installments of estimated tax, is due on March 15 of the following year. It is the corporation's responsibility to determine the liability and settle it with the tax authorities. Quarterly installments of a corporation's income tax liability are required during the particular year of assessment. The installments are based on an estimate of that year's liability or the actual tax payable for the previous year.
CORPORATION TAX CALCULATION
Calendar year 1998
Net profit before taxation…………………………………$1,000,000
Add:
Depreciation charged in the financial statements…………40,000
Interest payable 1998-Accrued…………………………………15,500
Interest receivable 1997…………………………………… 1,500
Donations not approved…………………………………… 1,000
Legal expenses re:bonus share issue……………………… 1,500
General provision for bad debts (Note 1) ……………… 10,000
Capital element of finance lease………………………… 30,000
Balancing charge (Note 2) ………………………………500 100,000
&n
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