Our Tax Team would like to remind you of the fast-approaching submission deadline for your annual Corporate Income Tax (“CIT”) return, annual Commercial Tax (“CT”) return, and annual Personal Income Tax (“PIT”) statement. For the financial year ending 31 March 2018 (FY 17-18), all annual tax filings must be submitted to the relevant tax office on or before 2 July 2018. Otherwise, penalties may be imposed.
Income Tax
If you are registered with Large Taxpayers Office (“LTO”) and Medium Taxpayers Office (“MTO”) 1, you are required to file your own tax assessment based on the CIT return that they have provided. Meanwhile, if you are registered with MTO2, MTO 3, and if under township tax office, you are required to file your tax return (including financial report or audited financial statements) to the respective tax office.
An individual earning income from salary does not need to submit an annual return. However, the employer must submit an Annual Salary Statement to the relevant Township Revenue Office.
Commercial Tax
If you are engaged in the following activities, you are likely covered by the CT Law:
- Manufacturing and selling goods in the country.
- Importing goods
- Carrying out trading activities
- Providing services
You must submit an annual CT return (including additional details as stated therein) to the relevant tax office, either in person or by registered post.
For more information on your tax compliance requirements, please click here.
The information provided here is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
