Further to the Department’s notice issued on the 23rd December 2022, kindly be informed that effective 1st January, 2023, the maximum tax rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) will be reduced from 30% to 28%. Further, the Standard Deduction rate will be increased from $20,000 to $22,000.
Accordingly, the tax tables have been adjusted and subsequently amended to reflect these two fiscal measures. Kindly see attached the amended tax tables issued on the 30th December, 2022.
Please note that this version supersedes the previous version that was circulated on 23rd December 2022.