Section 1, THE FINANCE ACT, 2017 [Margin: Short title.]

Where the turnover, excluding income from property, of aperson, not being a company specified under Part III of the First Schedule, is less than Le 350,000,000 but not less than Le10,000,000, the income tax payable shall, at the option of such a person, be taxed at the following rates– No. 1 Finance Act 2017 27 General rates for small and micro taxpayers | Amount of turnover | Income tax payable in Leones | |---|---| | under 10,000,000 | Nil | | 10,000,001-20,000,000 | 100,000 plus 2% of the amount of turnover above 10,000,000 | | 20,000,001-100,000,000 | 300,000 plus 4% of the amount of turnover above 20,000,000 | | 100,000,001-200,000,000 | 3,500,000 plus 5% of the amount of turnover above 100,000,000 | | 200,000,000-350,000,000 | 8,500,000 plus 6% of the amount of turnover above 200,000,000 | Provided however that where the tax payer is– (a) a transport services provider; or (b) engaged in alluvial gold, diamond and sand- based exporting, dealing or mining activities, the tax payable by that person shall be the higher between the General ratesfor small and micro taxpayers and the rates applicable to his business under paragraph 2 or 3.