Filing & Payment Obligations

Current Requirements

Where the fiscal period of the Company ends during the period 1st January to 30th September inclusive, income tax returns are required to be filed by the Company and balance of tax paid by the 15th March in the following income year and a prepayment of tax (based on 50% of previous year's tax) paid by the 15th September in each year. 

Where the fiscal period of the Company ends during the period of 1st October to 31st December inclusive, the prepayment of tax is required to be paid by December 15 in each year and income tax returns are to be filed by 15th June in the year following the end of the fiscal period. 

New and Upcoming Requirements

Effective 1 January 2024, in-scope multinational enterprises (enterprises with consolidated group revenue of more than US$850 million) will be required to prepay corporation tax monthly. All other companies, except for small business companies (as defined above), will be

required to prepay corporation taxes on a monthly basis with effect from 1 January 2025.

Monthly prepayments for fiscal years will be calculated on the previous year’s tax base subject to the new applicable corporate tax rate, net of the impact of the newly introduced tax credits.