Tax Calculator
| From | To | Tax Rate | Plus |
|---|---|---|---|
| 0 | 270,000 | 0% | 0 |
| 270,000 | 520,000 | 8% | 20,000 |
| 520,000 | 760,000 | 20% | 48,000 |
| 760,000 | 1,000,000 | 25% | 60,000 |
| above 1 million | - | 30% | - |
The late filing penalty as per section 78 of the Tax Administration Act 2015 is calculated based on the number of months delayed. The penalty is determined as the higher of two values: 2.5% of the unpaid tax or a fixed amount. The calculation is performed monthly, and the higher value between the percentage of the unpaid tax and the fixed amount is taken as the penalty for the delay. The rule ensures that penalties are proportionate to the unpaid tax and the duration of the delay.
Underestimation interest calculation as per section 75 of the Tax Administration Act 2015 involves determining the difference between the estimated provisional tax and the final tax, then applying statutory interest rates.Interest is calculated from the fourth month, with cumulative monthly interest added.
The penalty for an EFD (Electronic Fiscal Device) offense changes over time. Until July 2024, the penalty ranges from a minimum of 3,000,000 to a maximum of 4,500,000 (The higher is taken here). From July 2024 onwards, the minimum penalty is 1,500,000, and the maximum penalty is 20% of the unissued invoice amount.
The Skill Development Levy (SDL) calculation is based on salaries and the number of employees. Since July 2023, the SDL rate is 3.5% for organizations with 10 or more employees.Historically, the SDL rates were 4.50% up till June 2020 for 4 or more employees, 4.00% till June 2021 for 4 or more employees, and 4.00% from July 2021 to June 2023 for 10 or more employees.
Tax and Deductions
| Gross Income | 000000 |
| Contributions | 000000 |
| Taxable Income | 000000 |
| Income Tax | 000000 |
| Penalties | 000000 |
| Underestimation | 000000 |
| EFD Offense | 000000 |
| SDL | 000000 |
