Individuals and companies with taxable income have the obligation to submit their temporary tax assessment for 2018 income. The temporary tax assessment is payable in two equal installments on:
- 31st of August 2018 and
- 31st of January 2019
A penalty of 10% is imposed on the difference, if the temporary assessment is less than 75% of the actual taxable income. Revised tax assessments can be submitted before 31st of December to avoid the 10% penalty charge.
Taxes paid after the above due dates are subject to penalty and interest.
For the year 2018 and onward and settlement of the temporary tax is done through the JCCSmart website.
Please contact us in case you need any assistance with the calculation of temporary tax and tax payments.