The Inland Revenue Department has reminded all companies whose fiscal period end at any time during the period October 1 to December 31, 2008, both dates inclusive, that the tax on their 2008 income is to be prepaid by instalments.

The first payment is due not later than Monday, December 15, and is calculated at 50 percent of the tax paid or payable on the company’s 2007 return which was filed on or before June 15, 2008.

Relevant companies are also advised that where they begin to carry on business, or if they are of the opinion that the taxable income in respect of the 2008 income year may be less than the taxable income for the 2007 income year, they should apply in writing to the Commissioner of Inland Revenue for a determination of the amount payable.

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