Corporate Assessments And Payments

The tax year is the year ending 31 December for all activities. All companies, other than companies in certain regulated industries, are free to choose a different year as their accounting year, but if they do so, they must draw up an additional set of financial statements to 31 December for tax purposes.

A company must file a tax return by 30 April of each year reporting its income earned in the previous year ending 31 December. No extensions of this deadline are permitted. A company normally assesses its own first category tax payable on this annual return, although the tax authorities may issue an assessment to collect unpaid or wrongly paid taxes for any year within three years from the end of the period in which taxes are due. This term is extended to six years if a return has not been filed or there has been malicious intent to defraud.