B. WITHHOLDING TAXES
As described above, taxes must be withheld at source relating to payments on time deposits and for winnings from Internet Gambling, Gambling & Lottery winnings. The latter will be withheld and taxed at the rate of fifteen percent. As described in the Companies deductions/exemptions sections, a company must withhold taxes from dividend payments and pay the withholding to the commissioner. The withholding rate is specified in the ninth schedule according to the type of business that is paying the dividends.
In addition, an amount of three percent will be withheld by all persons paying funds according to a contract with a contract professional. The amount withheld and paid to the commissioner will act as a credit on the tax liability of the professional at the time they settle their yearly taxes.
All persons that pay management fees, rental fees for plant or equipment, technical services or insurance premiums to a non-resident must deduct twenty-five percent and pay this amount to the commissioner. Similarly, interest payments to non-residents should include a withholding of fifteen percent and this amount should be paid to the commissioner.
 Income and Business Tax Act (Chap. 55), 2000 Revision, § 113(2).
 Id. § 112
 Id. § 113(3-4).