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We would like to bring to your attention that the second installment of temporary tax for the year 2017 is due by 31 December 2017. The first installment was paid by 31st of July 2017.
Estimated taxable income can be revised (upwards/downwards) any time prior to 31st of December of the current tax year. Any revised tax amounts are being equally apportioned over the two installments, thus attracting interest at the rate of 3,5% per annum on the 1st installment.
Please note that:
- Non-payment on the due dates entails payment of interest at the rate of 3,5% per annum. In addition, there is a 5% fine for late payment of temporary tax.
- If the taxable income declared for temporary tax purposes is less than three quarters (3/4) of the taxable income as finally determined by the Income Tax return submitted for the year 2017 and as per the chargeable income as assessed by the Commissioner of Taxation, the taxpayer must pay, in addition to the normal tax, an amount equal to one-tenth (10%) of the difference between the final and the temporary tax.
- Overpaid tax is refunded together with interest of 3,5% per annum as from 1st January 2017.
- In the event where it appears that there is no taxable income, it is not required to submit the temporary tax return.
The temporary tax can also be paid electronically via https://www.JCCSmart.com.
Please contact us in order to make all necessary arrangements for the filing of the returns on time and prompt payment of the relevant tax.
