Deadline for 2nd interim payment of BPT 2016 is 31 January 2017

It is compulsory for all the taxpayers who are required to submit a BPT return for the year 2016 to submit second Statement of Interim Payment and make the interim payment, if any, by 31 January 2017.

Unless it is the first year of business, the amount of interim payment would be equal to a half of past year’s tax liability. If it is the first year, the amount of interim payment would be based on an estimate of the year’s tax liability.

Two interim payments are required for each accounting period. The deadline for the first interim payment is 31 July of that tax year, while 31 January of the following tax year would be the deadline for the second interim payment. If a taxpayer’s BPT liability for the previous year is less than MVR 2000, the taxpayer would not be liable to make any interim payment for the current year.

Late payment of interim payment would incur a penalty at a rate of 0.05% of the outstanding amount and interest at a rate of 5% per annum after one month from the deadline.

25 Jan 17