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TAX AND REGULATORY CHANGES


1. ASSESSMENT SYSTEM

Presently, income tax is assessed on income earned in the immediately preceding year and when a tax return is submitted it is examined and assessed by the Inland Revenue Board.

As a measure to modernise and improve the efficiency in the collection of income tax, the assessment of income tax based on income earned in the preceding year will be changed to that of income earned in the current year.

The change to a Self-Assessment System will be implemented in stages as follows:
Group Year of Implementation
Companies 2001
Sole proprietorships, partnerships and co-operatives 2003
Salaried groups 2004




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