How Much Withholding Tax Do I Have To Pay?
- It depends on the type of payment you are making and who you
are paying to.
• For management fees, technical and other service
fees paid to a non-resident company, the withholding
tax rate is the same as corporate tax rates. The
current corporate tax rate is 17%. For payments made
to non-resident individuals, tax is to be withheld
at 20% of the gross payment.
• For time charter fees, voyage charter fees and
bareboat charter fees, the withholding tax rate is
1% - 3%.
• For other types of payments, the withholding tax
rate is 10% or 15%.
- Where a double tax agreement is applicable, the rates specified in the
agreements of the respective countries would apply.