2021 Temporary Tax Second Instalment | Stock Take

Temporary Tax 2021

Companies that expect to have taxable income for 2021 must pay the second instalment of the temporary tax by 31^st of December 2021. The temporary tax is paid only using the JCCSMART website.

The tax, is calculated at 12.5% on the taxable income and is payable in two equal instalments – the first was by 31^st of July and now the second by 31^st of December of 2021. Late filing of the return and payment of tax will attract interest and penalties.

The aim of payment of provisional tax is to avoid the 10% "additional tax".

To achieve this your estimated taxable income must be at least 75% of the final taxable income as it will be determined by audited financial statements.