Article 2 – Imposition of Corporate Tax

This Article sets out the general scope of the Corporate Tax Law. It establishes that Corporate Tax is imposed on the Taxable Income earned by a Taxable Person in a Tax Period. This Article also provides that Corporate Tax shall be imposed at the rates specified in Article 3, and that any Corporate Tax due shall be payable to the Authority. Corporate Tax would ordinarily be imposed annually, with the Corporate Tax liability calculated by the Taxable Person on a self-assessment basis. This means that the calculation and payment of Corporate Tax is done through the filing of a Corporate Tax Return by the Taxable Person followed by payment of any amount due, to the Authority.