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Corporate taxes due by June 15

The Inland Revenue Department has advised corporations that Corporation Tax Returns must be submitted on or before Saturday, June 15, 2013.

Corporations with their fiscal periods ending October 1, to December 31, 2012, whether resident or non-resident, are reminded that they must file their returns on or before June 15, 2013, in accordance with the Income Tax Act, once they carried on a business, trade, manufacture or concern in the nature of trade; or were an owner of land or property, other than land; from which an assessable income was derived in the income year 2012.

The estimated and unpaid tax must also be paid to the Inland Revenue Department no later than June 15, 2013. Failure to file the return by that date or to estimate the tax payable, will incur a penalty of $500 and an additional fine of five per cent of the tax assessed and unpaid.

Electronic filing is the preferred option for submission of the corporation tax returns and other documents, but manual filing will remain an available method for the 2012 income year.

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