The tax is payable on the turnover/sales before any expenses are deducted. Please work through our questions at What is Turnover Tax? to ensure you do qualify and for further clarification on how it is calculated.
Bigsistersays: 18 May 2016 at 10:44
Are there any expenses that one can claim form the Turnover (ie rent salaries, etc) or is it just the dividends?
TaxTimsays: 18 May 2016 at 11:58
No expenses can be claimed. The point of turnover tax is that it reduces the administrative burden for taxpayers in that they don't have to record their expenses. Please note that Dividends are not an expense and cannot be deducted against the turnover. They are deducted from "after tax" earnings.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.