Temporary Tax 2021
By: P. Constantinou & Co Ltd
The second installment of the temporary tax must be paid by companies that expect to have taxable income for 2021 by the end of the year. 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 31st of July and now the second by 31st 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.
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 2021, please contact firstname.lastname@example.org by the 15th of December to arrange for the payment of the second instalment.