Tax Revenue Up 18 Percent



The Department of Taxation (GDT) collected $829 million in tax revenue during the first half of 2016, an increase of 18 percent over the same period last year, according to government data released on Tuesday.

Figures provided by the GDT, reveal that the increase was led by a surge in profit-tax revenue, which soared 58 percent during the period.

Special-tax and salary-tax also saw important increases, rising 25 percent and 19 percent respectively.

Profit tax is a tax on the realised profits of companies, usually 20 percent. At the start of the tax year, companies are required to estimate their expected annual profit and pay the calculated profit tax owed in advance in monthly instalments. If a year-end audit reveals companies have understated their profit estimates, they must pay the balance.

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