Tag - Tax Assesment

June 2018

Temporary Tax Assessment 2018

The Temporary Tax Assessment for the tax year 2018 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.
In accordance with Taxes Law, all companies must notify the Commissioner of Taxation of their estimated chargeable income, and consequently their resulting temporary tax for the year 2018, by 31 July 2018. Based on the temporary tax computation, tax is payable in two equal installments as follows:

1st Installment:  July 2018
2nd Installment: 31 December 2018

You should also note that:

Non-payment on the due dates entails payment of interest at the rate of 3,5% per annum
Non payment on the due dates will also attract a monetary charge […]