New tax option for Tongan small businesses Tuesday, August 12, 2014 - 17:45. Updated on Tuesday, August 12, 2014 - 19:48. Nukualofa, Tonga The Ministry of Revenue & Customs is announcing an optional new small business tax after changes to the Income Tax Laws. A new small business tax targets “sole traders in business such as market/fair operators, farmers and fishermen earning less than $100,000 Pa’anga”. The tax is optional to the current profit-based income tax system. In a statement, the Ministry said that the new small business tax does not apply to companies and professional services such as medical, dental, legal, accounting, financial management, engineering consulting or other similar services. The new tax is based on gross annual turnover (sales) and is split into four rates: Turnover $0 - $10,000 tax = Lump sum $100 Turnover $10,001 - $30,000 tax = Lump sum $250 Turnover $30,001 - $50,000 tax = Lump sum $500 Turnover $50,001 - $100,000 tax = 2% of turnover matangitonga.to/2014/08/12/new-tax-option-tongan-small-businesses
Posted on: Tue, 12 Aug 2014 14:17:15 +0000
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