Business Income Tax
BIT is a non-corporate business tax. It is levied @ of 30% on net profit. BIT is payable by all unincorporated business entities holding a trade license or registration certificate issued by the Ministry of Economic Affairs (MoEA) or any other competent authority.
Every business or company must file the tax returns (FORM BIT-2 for BIT payers and FORM CIT-2 for CIT payers), on a self assessed basis to the RRCO of registration before 31st March following the end of the income year. The tax returns can be either filed online or by visiting the RRCO where you are registered as BIT/CIT payer.
Every business or company must register with the Regional Revenue & Customs Office (RRCO) from where the trade license or permit is issued or wherever the Head office is located within 3 months from the date of obtaining such trade license or permit in case of BIT entities and within 3 months from the date of incorporation for CIT entities.