Jersey Companies are being advised to get up to speed with important changes affecting deadline dates for payment of corporate income tax (CIT) as of 2020.
For the first time, a separate category of payment dates is being set for “large remitters”. These payment dates will arise earlier than the dates which apply to all other companies liable to pay Jersey CIT.
The key changes will be:
- CIT will become payable in two fixed instalments after the year of assessment.
- The introduction of fixed calendar deadlines for paying CIT will create a clearer compliance cycle for companies.
- Earlier payment dates are being introduced for “large remitters”.
- Estimated CIT assessments will no longer be issued to companies in advance of payment deadlines. All companies will be responsible for calculating and paying the correct amount of income tax on time, at the new instalment and “balance due” dates
Importantly, there will be no change to the CIT filing deadline. All companies must continue to file CIT returns by 31 December in the year following the year of assessment.
For more information please contact our Tax Manager: