Return of Income and installment payments for Y/A 2018/19

Return of Income 

Inland Revenue Act No. 24 of 2017 is effective from 01.04.2018 (i.e Y/A 2018/19).

• As per section 93 of Inland Revenue Act No. 24 of 2017, every person shall file a return of income with the Commissioner-General not later than eight months after the end of each year of assessment.

Accordingly, Return for the Year of assessment 2018/19 is due on 30^th November 2019.

• As per section 20 (1), The year  of  assessment  means  the  period  of twelve months commencing on the first day of April of any year  and  ending  on  the  thirty  first  day  of  March  in  the immediately succeeding year.

A trust or company may apply to the Commissioner- General  for  a  change  to  its  year  of  assessment  and  the Commissioner-General may, on such terms and conditions as the Commissioner-General thinks fit, approve the change.

A change in a trust or company’s year of assessment shall result in altering the time at which the trust or company shall  pay  tax  by  instalments  and file the return.

Accordingly, if approval has been obtained to change year of assessment as 1^st January to 31^st December, Return for Y/A 2018/19 should be submitted on or before 31^st August 2019.

Installement payments

Self assessment payments dates will be are as follows.