Latest News & Notices

12 May 2022

Drawback of duty

(Taxman's Corner)

A duty drawback is a refund of Customs duties, taxes and fees paid on imported items that are subsequently exported....

05 May 2022
28 April 2022
21 April 2022

Public Officers

(Taxman's Corner)

Appointment of Public Officers Section 61 of the Income Tax Act [Chapter 23:06] stipulates that every company which...

14 April 2022
08 April 2022
07 April 2022
24 March 2022

Question Of The Day

Question

What is the margin of variance allowable when calculating under self-assessment?

Answer

The margin of variance should not be more than 10% of the tax payable when calculating the Income Tax due for the year.

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