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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.

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