Temporary Tax 2017
We would like to bring to your attention that the second instalment and final tax instalment for the year 2017 is due by 31st December 2017 which is based on the provisional income tax return submitted by the 31st July 2017.
Estimated taxable income can be revised any time prior to 31st of December of the current tax year. Any revised tax amounts are being equally apportioned over the two instalments, thus attracting interest at the rate of 3,5% per annum on the 1st instalm
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 provisional declaration in less than 75% of the final tax assessment the taxpayer must pay, in addition to the normal tax, an amount equal to 10% of the difference between the final and the temporary tax.
- Tax paid which is in excess as per the chargeable income assessment of the Commissioner of Taxation will be refunded with interest of 3.5% per annum as from 1st January 2017.
- Where no taxable income arises, there is no requirement to submit the temporary tax return.
The temporary tax can also be paid electronically via JCC Smart
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.