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Law 163(I)/2012, promulgated on November 30 2012, makes a number of amendments to the Assessment and Collection of Taxes Law with effect from 1 January 2013.
Provisional income tax
Companies and individuals must submit their provisional income tax return for the tax year in progress and pay the first instalment of provisional tax on or before 31 July (formerly 1 August). Provisional tax is now payable in two equal instalments, no later than 31 July and 31 December.
Employers' returns
Employers must submit their annual return of employees' pay and deductions in the preceding tax year (Form IR 7) online. The deadline for submission has been extended from 30 April to 31 July.
Retention of records
Where returns are submitted by electronic or similar means and the director of the Inland Revenue Department dispenses with the submission of certain documents, these documents must be retained for a period of no less than six years (formerly seven years) from the end of the tax year to which they relate. The same retention period applies to accounts, records and documents not forming part of the return, that support any information included in the return.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
