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IO Tax 2024

iCalculator™ IO: British Indian Ocean Territory Tax Calculators

Welcome to iCalculator™ IO, your comprehensive suite of free tax calculators for British Indian Ocean Territory. iCalculator™ has provided free tax calculators for British Indian Ocean Territory since 2019. Since those early days we have extended our resources for British Indian Ocean Territory to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The British Indian Ocean Territory Tax Calculator and salary calculators within our British Indian Ocean Territory tax section are based on the latest tax rates published by the Tax Administration in British Indian Ocean Territory. In this dedicated Tax Portal for British Indian Ocean Territory you can access:

British Indian Ocean Territory Tax Calculator 2024/25

The British Indian Ocean Territory Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in British Indian Ocean Territory. This includes calculations for

  1. Employees in British Indian Ocean Territory to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in British Indian Ocean Territory.
British Indian Ocean Territory Tax Calculator 2024
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Discover the British Indian Ocean Territory (BIOT)

The British Indian Ocean Territory (BIOT) is an overseas territory of the United Kingdom, located in the Indian Ocean, about halfway between Tanzania and Indonesia. The territory includes the Chagos Archipelago with over 1,000 individual islands. Its closest neighboring countries include the Maldives to the north, the Seychelles to the west, and Mauritius to the southwest. Learn more about these countries: Maldives, Seychelles, and Mauritius.

BIOT's cultural information is unique due to the historical resettlement of its inhabitants in the 1960s and 1970s, primarily to Mauritius and the Seychelles, when the territory was leased to the United States. Currently, there is no permanent civilian population on the islands. The culture and lifestyle on the islands are influenced by the military and contract personnel residing temporarily.

The economy of BIOT is limited due to the territory's small size and lack of permanent civilian population. The main economic activity is centered around the United States military base on Diego Garcia, one of the islands in the archipelago. The base is strategically significant and is the primary source of economic activity in the territory, including employment opportunities for military and contract personnel. Fishing licenses and the sale of postage stamps are other minor sources of revenue.

As a non-self-governing territory, BIOT's economic and administrative matters are managed by the UK government. The absence of a permanent civilian population and the presence of the military base define the unique economic and geopolitical role of BIOT in the Indian Ocean region.

Tax overview of the British Indian Ocean Territory (BIOT)

The British Indian Ocean Territory (BIOT) presents a unique case in terms of taxation due to its distinct political and economic status. As a territory under British sovereignty with no permanent civilian population and limited economic activity, BIOT does not have a conventional tax system like other sovereign nations or territories. The primary economic activity in BIOT is related to the United States military base located on Diego Garcia, which operates under specific agreements between the United States and the United Kingdom.

Given the absence of a traditional civilian economy and population, there are no standard forms of taxation such as income tax, corporate tax, or value-added tax (VAT) applicable within BIOT. Revenue for the territory is largely derived from activities related to the military base, as well as from the issuance of fishing licenses and the sale of postage stamps. The unique nature of BIOT means that conventional tax tools and tables are not applicable to this territory.

For the latest information on tax-related matters in unique territories like BIOT, including the latest tax tools and tables that are applicable in other regions, visit our comprehensive tax hub and calculator. This resource provides valuable insights into tax systems and regulations in various jurisdictions around the world, catering to a wide range of informational needs.