Companies whose fiscal periods have ended at any time between October 1 and December 31, 2013, are reminded by the Department of Inland Revenue that the tax on their 2013 income is to be prepaid in installments.

An official of the Department explained that the second installment, which should be paid by March 15, 2014, is calculated at 50 per cent of the tax paid or payable on their total taxable income, as disclosed in the 2012 returns which should have been filed on or before June 15, 2013.

Those companies are also advised that where they begin to carry on business during the income year 2013, or are of the opinion that the taxable income in respect of that year may be less than the taxable income for 2012, then they should apply in writing to the Commissioner of Inland Revenue for a determination of the amount of the installment of tax to be paid, in respect of the 2013 income year.

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