On 4 June 2021, the MRA issued a Communique to remind the public of several deadlines.
Deadline for the Submission of tax Returns and Payment of Tax
The deadline for the submission of the returns and payment of tax, if any, is 28 June 2021. This applies to the following:
1. Advance Payment System (APS)
APS statements and payment of the tax by companies for any quarter ended in August 2020, and up to quarter ended in March 2021.
Payment of the 2nd instalment of tax under APS by companies operating in the tourism industry and having opted to pay tax under APS, for quarters ended in October 2019 and up to September 2020, in two equal instalments. The 1st Instalment was payable on or before 29 December 2020.
2. Corporate Tax
Payment of the 2nd instalment of corporate tax by companies operating in the tourism industry and having opted to pay corporate tax for accounting periods ended in September 2019 and up to June 2020, in two equal instalments. The 1st instalment was payable on or before 29 December 2020.
Companies whose accounting period ends in December 2020 are also required to submit their annual income tax return and effect of payment of tax, if any, by 28 June 2021.
3. Returns and Payment of tax due in May 2021
Returns and Payment of tax, if any, that were due in the month of May 2021 from all taxpayers and employers.
VAT Return and Payment of VAT for the month of February 2021
Small and Medium Enterprises with turnover not exceeding Rs 50 million, will have up to 15 July 2021 for the submission of VAT returns and payment of VAT, if any, for the month of February 2021 and that were due on 31 March 2021.
Tax Arrears Settlement Scheme (TASS)
Taxpayers having tax arrears, outstanding as at 31 October 2020, under an assessment issued or a return submitted on or before 31 October 2020 are reminded that the deadline to make an application to the MRA to join the TASS is 30 June 2021.
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