Farley And Partners

How often a company, partnership or bodies of trust should File Returns and Pay Corporation Tax?

The Calendar Year is the tax year. However, a company can apply to the Commissioner General for a Special Tax Year. Companies are required to

  • File returns annually through the self-assessment process.
  • Make quarterly/instalments payment on their quarterly turnover.

The quarterly/instalments payment are credited to their tax liability at the end of the tax year. The closing dates for quarterly instalment payments are the 15th of the month following the end of the quarter. The closing date for filling and payment of final tax liability is 3 months after the end of the tax year.

In addition, a taxpayer can apply to the Commissioner General for extension of time to file a corporate income tax return if they have paid at least 90% of the tax liability due. The application should be made before the due date for filing. Extensions cannot exceed 30 days and can only be granted once a year.

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