Payment of 2nd provisional tax instalment for 2022
We would like to remind you that the payment deadline for the 2nd provisional tax instalment for tax year 2022 is the 31st of December 2022.
The following persons should consider whether a provisional tax payment would arise based on their expected annual taxable income for tax year 2022:
Individuals with taxable income other than salaries, pensions, dividends and interest, and
Companies with taxable income.
Kindly note that, persons with no taxable income, do not have an obligation to pay provisional tax.
The provisional tax is payable in two equal instalments, as following:
Provisional tax instalments
Provisional tax instalmentsStatutory deadlineEffective deadline (No interest/penalty)
31 July 2022
31 August 2022
31 December 2022
31 January 2023 (if not revised)
Late payments (made after the effective deadline) are subject to a 5% penalty as well as interest (at 1.75% per annum for 2022).
If the estimated tax paid for 2022, is lower than 75% of the actual tax liability calculated based on the audited financial statements for the year, then a surcharge (penalty) of 10% will apply on the underestimated tax payable.