The expenses allowed as deductions when computing income on which an assessment will be made must be wholly and exclusively incurred in the production of the income. There are, however, restrictions to certain deductions e.g. management charges and certain payments by controlled companies to shareholders.
SUBMISSION OF TAX RETURN
The Company Tax Return must be submitted to the Inland Revenue Department within three months after the end of the income year.
All companies are advised to collect a Return Form at any one of the Department’s offices or download it here.
When submitting a Tax Return, please ensure that all the relevant schedules are completed and the declaration is duly signed. This is essential for the easy processing of the Return.
In the event that you are unable to submit the Tax return when due, the company should request in writing an extension of time. The extension must be requested prior to the deadline date for submission.