Withholding method TAXABLE TURNOVER FOR CIT (2/12) In case of a NET contract, the taxable turnover must be grossed up in accordance with the below formula Turnover before CIT Taxable = turnover (1 % deemed CIT rate) – See on the next Slide Example
Withholding method TAXABLE TURNOVER FOR CIT (2/12) In case of a NET contract, the taxable turnover must be grossed up in accordance with the below formula Taxable turnover = Turnover before CIT (1 – % deemed CIT rate) See Example on the next Slide
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