The contributions payable by Self-employed persons are based on earnings from self-employment during the period of one year immediately preceding the contribution year in which the contribution is due. Hence, the contributions one is liable to pay for, say,2015, is based on the total income earned during the preceding year, i.e. 2014. In view of the foregoing, every self-employed person is required to visit the DSS office no later than the 31st day of January every year, in order to get a reassessment of his income and contribution payable for the new year.
The Rate of Contribution payable by Self-employed persons is currently 12.00% of their total income for the preceding year, subject to a maximum income of $72,000.00.
While contributions are generally due on a quarterly basis, contributions may be paid on a monthly basis. Late payments, i.e. payments made after the 14th day following the end of the relevant quarter, shall be subject to Late Fees of 10% plus interest.