Professional fees and ITIS deductions
If you provide director services, and it has been agreed by the Comptroller of Taxes that any fees paid to you come from carrying out these services, you don't need to deduct ITIS from these director's fees.
A professional can include:
- an individual
- a sole trader
Self-administered ITIS payments
If you're an individual or sole trader, you must deduct tax under ITIS at the effective rate issued to you against the fees you receive from the companies that you're a director of.
A letter confirming that a zero effective rate will apply to fees paid to a professional by the companies that you're a director of will be issued once the full facts have been given in writing.