Companies that expect to have taxable income for 2020 must pay the second installment of the temporary tax by 31st of December 2020. 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 installments – the first was by 31st of July and now the second by 31 December of 2020. 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.
Please note that you can revise this temporary assessment before the end of each year.
If you expect that your company will have taxable income for the year 2020, please contact email@example.com by the 15th of December to arrange for the payment of the second installment.
Please do not hesitate to contact us should you require any further assistance about the 2020 Temporary tax second installment.