Corporation Income Tax Prepayment Deadline Approaching

Corporate taxpayers are reminded to make their necessary prepayment for Corporation Income Tax by Thursday, December 15, 2022.

Corporate taxpayers with fiscal years ending between October 1 and December 31 should make their first prepayment by December 15, 2022. The amount payable is 50 percent of the total tax payable for income year 2021. The second prepayment for this group of corporate taxpayers is March 15, 2023.

Taxpayers are advised to create their Electronic Payment Advice (EPA) in TAMIS, before making payments. Failure to make the prepayment by the due date will result in a penalty of 10 percent or $10, whichever is greater, as well as interest at the rate of 0.5 percent per month.