The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first installment needs to be paid on the last working day of the month following the filing deadline and the rest of five installments must be paid by the last working day of the following five months. The first payment shouldn’t be paid during filing of the corporate tax return. Again, the individual income tax return has to be submitted by 30 June. The timeline has also been fixed on 12th of May 2017 for the farmers under the special farmers’ VAT regime who have to change to the standard VAT regime. So, late filing penalties will be cancelled or refunded to taxpayers. The provision applicable for 2016 regarding proportionate payment of road tax for vehicles has been extended to 2017. All these new provisions will effect from the 2016 financial year.
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