Temporary tax on newly established companies for the tax year 2022
In continuation to our tax alert from June 2022 regarding the 2022 temporary tax payments and as per the recent communication between the Commissioner of Taxation (the "Commissioner") and the Tax Compliance Committee of ICPAC, the Commissioner has confirmed that no interest or penalties shall be imposed in cases where a Company was incorporated within the period from the 31st of July to the 31st of December in a specific calendar year.
In this regard, the whole amount of projected temporary tax owed for the applicable year must be paid before December 31 without interest or penalties.
Companies who are impacted must submit an application and written request to the appropriate District Tax Office in order to have any interest and penalties assessed on their first payment of temporary tax waived.
If you need any more help, our team of tax experts would be pleased to help.
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