Income tax on rent, worked example, in Gambia

October 03, 2018

Non-resident couple´s rental income1
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less Expenses (25%)3 4,500 18,000 36,000
= Taxable Income 13,500 54,000 108,000
Income Tax4
Flat rate 8% 1,080 4,320 8,640
Annual Income Tax Due 1,080 4,320 8,640
Tax Due as % of Gross Income 6.00% 6.00% 6.00%

 

1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 US$ = 40.00 GMD

3 Estimated values. Income-generating expenses are deductible when calculating taxable income.

4 Rental income earnedfrom leasing residential properties by nonresident individuals is taxed at a flat rate of 8%.

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