Temporary Tax for 2023 – 1st Instalment

Temporary Tax for 2023 – 1st Instalment

Effective Payment Deadline: 31 August 2023

We would like to remind you that the effective payment deadline for the 1st provisional tax instalment for the tax year 2023 is the 31st August 2023 and the submission of the expected income for the year in the Tax Portal and the subsequent creation of obligations should be executed by the end of July 2023.

OBLIGATION FOR PROVISIONAL TAX PAYMENT
The following persons have an obligation to pay provisional tax, based on their expected annual taxable income for tax year 2023:

• Individuals with taxable income other than salaries, pensions, dividends and interest, and
• Companies with taxable income

Persons with no taxable income, so not have an obligation to pay provisional tax.

PAYMENT OF PROVISIONAL TAX
The provisional tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is an individual or a company) on the expected taxable income for the year, after taking into account any overseas tax credits.
It is payable in two equal instalments as follows: 1 instalment 31st August 2023 and 2nd instalment 31st December 2023.

Please note that this article is for informational purposes only. For further advice, please contact us at the contacts listed on the site.