Income tax on rent, worked example, in Gambia
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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%.