Personal taxation changes as from July 2002

The following explains how to change your Payroll program to reflect the new tax calculation methods. Please carry out as explained below and click on the images to enlarge.

NOTE: The following file is an extract from the Gibraltar Chronicle (15th June 2002) which shows how the tax methods have changed. DOWNLOAD NOW!

1. Go to 'Tax Method' in Tools - Defaults.			5. Change the tax rate from 20 to 17 and then click on SAVE.
2. Your current tax rules will look as follows.			6. The main tax method list will be updated.
3. "Reduction in tax rate applicable to first band" Double click on the first entry.			7. Repeat the same operations for "Widening of 45% tax band" and "Further reduction in top rate of tax"
4. The following window will apear.			8. The end result should look as follows.