Individual taxpayers in receipt of income from business or rental of property during the income year 2010, are reminded that the tax on their 2010 income must be prepaid in installments.

This reminder has come from the Commissioner of Inland Revenue, Sabina Wallcott-Denny.

Persons are advised that the first installment is 25 per cent of the tax paid, or payable on the 2009 year of income indicated by their income tax returns and is due for payment not later than June 15, 2010.

Taxpayers are further reminded that during the year 2010, if a business commenced or they are in receipt of rents for their own account; or they are of the opinion that the taxable income in respect of the 2010 income year may be less than the taxable income for the 2009 income year; then these individuals must apply in writing to the Commissioner for a determination of the amount of tax to be prepaid by installment.??

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