What taxes do I have to pay and when

  • Within 14 days of registering with the MoC, businesses must register with the Ministry of Economy and Finance (MEF) and Department of Taxation to receive a taxpayer’s identification number (TIN).
  • When registering for a TIN, the company must also pay an annual business registration tax, known as a Patent Tax, for its first year of operation, and annually thereafter. 
  • Various taxes are also payable each month, usually on the 15th. These include salary tax; withholding tax (where you have purchased a service from a non-registered business; prepayment of profit tax (equal to 1% of turnover); and VAT (equal to the total VAT charged to your customers minus VAT payable to your suppliers).