The deadline for payment of the second installment of Temporary Tax for the year 2022, is 31 January 2023.
All companies have the right to revise their estimated taxable income at any time before 31 December 2022. If the estimated taxable income is revised upwards, there will be interest payable at the rate of 1,75% on the difference between the revised amount payable and the amount initially declared from the due date of payment of the 1st installment.
If the estimated temporary tax to be paid for the year 2022 will be lower than 75% of the actual tax liability calculated on the basis of the audited financial statements for the year, an additional tax of 10% will apply on the additional tax payable.
Each company has a responsibility to estimate its results for the tax year 2022 and proceed with a payment of temporary tax, if needed. The company is also liable for any interest or penalties which may arise due to incorrect calculations or estimations.
If the company does not expect to have any taxable income for the year 2022, there is no requirement to pay temporary tax.
Globalserve Consultants Ltd can assist you with the calculation of the expected taxable income and provide you with the steps to be taken for the payment of the taxes.
We remain at your disposal for any further information needed,