Essentials of corporate tax filing for directors

Under the self-assessment system, companies are required to submit an income tax return form (Form C) within seven months from the date of closing of accounts. A concessionary extension of one month is typically given for the filing of corporate tax returns.

THE level of intricacy in corporate tax filing requirements, coupled with frequent changes in tax laws makes the task of filing corporate tax returns accurately rather complicated.

Directors should ensure that their companies fulfill their tax obligations as corporate citizens, as ultimately any director that has at least a 20% shareholding in a company is jointly and severally liable for the tax liabilities of the company.