The Inland Revenue Department has reminded individual taxpayers in receipt of income from business or the rental of property during the income year 2008, that the tax on such income must be prepaid by instalments.

The third instalment is due for payment not later than December 15, 2008, and is calculated at 25 percent of the tax paid or payable on the 2007 year of income, indicated by their income tax returns filed on or before April 30, 2008.

These taxpayers are also advised that where they begin to carry on business or received rents on their own account during the year 2008 or they are of the opinion that the taxable income in respect of 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.

Pin It on Pinterest