Processed fish have added value and VAT is charged on sale of such products at a standard rate of 18%.
At export, processed fish is VAT zero rated.
- Fish processing plants must therefore register for VAT and obliged to also register for EFRIS
Click here for information on how to register for EFRIS
Withholding tax (WHT) is an income tax that is withheld at source by one person (withholding agent) upon making payment to another person (payee). If fish processing plant supplies goods above 1 million, the person to whom those goods are supplied charges withholding tax at a rate of 6%. The plant receives a Tax Credit Certificate that helps in offsetting tax liability in the final income tax return.
Click here for information on Withholding tax.