Branch profits tax imposes liability on foreign companies, payable as income-tax with credit allowed for pre-paid taxes.

A branch profits tax is imposed on every foreign company on its branch profits, defined as total income for the financial year reduced by the income tax thereon. Liability is discharged by payment of pre-paid taxes as if the branch profits tax were income-tax, the tax may be charged under the Code, and collection is carried out after allowing credit for any pre-paid taxes in accordance with the Code.

---

---

---