In light of such, the department wishes to take this opportunity to remind all Corporate Partners that in accordance with Section 45 of The Tax Act, Cap 20.22 as amended by Act No. 6 of 2006, Section 5;
- (1)“A taxpayer shall file a true and correct return of all sources of the taxpayers’ taxable income not later than the 15th day of the fourth month following the end of the year of assessment.”
- (5)“A taxpayer shall pay any taxes payable by the taxpayer not later than the 15th day of the fourth month following the end of the calendar or basic year,the case may be”
- (6)“ A taxpayer shall pay the tax payable for a year of assessment less any installments of the tax paid under section 65 (2) (3) of the Act”
All Corporate Partners are therefore required to submit payment for any accrued tax liability when filing their annual Corporate Income Tax Return with the accompanying Financial Statements.