Section 32, The Finance Act, 2013

Part V of the First Schedule to the Income Tax Act, 2000 isrepealed and replaced by the following– “Small and micro tax payer regime Turnover income tax payable in Leones 1. under 10,000,000 Nil 2. 10,000,001-20.000,000 100,000 plus 2% of the amount above 10,000,000 3. 20,000,001-100,000,000 300,000 plus 4% of the amount above 20,000,000 4. 100,000,001-200,000,000 3,500,000 plus 5% of the amount above 100,000,000 5. 200,000,000-350,000,000 8,500,000 plus 6% of the amount above 200,000,000"