We would like to inform you that the provisional tax return for the tax year 2015 should be filed, where applicable, to the Tax Office on or before 31 July 2015. Tax year is on a calendar basis i.e. Tax year 2015 is from 01/01-31/12/15. Corporation tax rate is 12.5%. The provisional tax return should at least cover 75% of the taxable profits as finally determined, otherwise, there will be a 10% penalty on the difference between final tax and provisional tax. Provisional tax is payable in 2 equal installments as follows: By 31 July 2015, with the submission of the provisional returnBy 31 December 2015 Any late payments are subject to an interest of 4.00% plus a flat penalty of 5%. It is important to note that nil returns need not be submitted. Where a company has a taxable income but its tax liability is fully discharged by overseas tax credits, such company must still file a provisional tax return even though no tax will be due. A Provisional tax return can be revised any time till 31/12/15.
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