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Prepayment Tax on Income
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Prepayment Tax on Income (PToI)
Prepayment of Tax on Income (PToI) is equal to 1% of monthly turnover including all taxes except VAT.
The PToI can be offset against the annual Tax on Income (ToI) liability or the minimum tax liability. It must be paid by the 25th day of the following month in case submitting by E-filing system.
A company that has been granted a tax holiday, and is therefore subject to 0% ToI is not required to pay PToI
*Minimum tax is an annual tax that is equal to 1% of annual turnover including all taxes except VAT.
*Taxpayers that do not maintain proper accounting records are subject to the minimum tax.
*Minimum tax is due if the minimum tax liability (1% of the total annual turnover) exceeds the ToI liability (20% of the taxable profit).