Provisional tax return for 2016nconstantinou
As in each year, the provisional tax return must be submitted together with the payment of the first installment. The installments are paid on:
- 31 July 2016
- 31 December 2016
If an installment is not paid by the deadline date, interest is chargeable at the rate of 4% per year. If both installments are missed then a penalty of 5% is imposed.
It should be noted that the interest is charged if the payment is made after the completion of the month following the due date i.e. 31 August 2016 and 31 January 2017.
In case the provisional tax paid is less than 75% of the final tax, an additional penalty of 10% is imposed on the difference of the provisional tax paid and the final tax.
The provisional tax return should be completed and submitted by both individuals and legal persons who earn taxable income.
Please contact us at 00257-25368823 and at email@example.com in case you require any further information or assistance with the completion of the return.