We would like to inform you that the 2nd installment of the provisional tax return for the tax year 2015 should be paid on or before 31 December 2015. Any revision upwards or downwards must also be filed on or before 31 December 2015 and resulting tax settled before the end of the year. For your information, Tax year is a calendar year i.e. Tax year 2015 is from 01/01/15-31/12/15. For Tax year 2015 tax is payable as follows: A provisional assessment of the taxable profit for 2015 should be made and any taxes due must be paid in 2 equal installments at the latest as follows: - 31/08/2015 - 31/12/2015 The provisional assessment at least covers 75% of the final taxable profits; otherwise, there will a 10% penalty on the difference between final tax to be determined and provisional tax paid. A provisional tax assessment can be filed / amended any time between 01/08/15 -31/12/15. The difference between final tax determined and provisional tax must be paid by 31/08/16 the latest. If tax is not paid on time, then 5% penalty will be charged plus 4% interest The Tax return for the Tax year 2015 must be submitted by 31/12/16 the latest.
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