Tax Alert

Extension of time to file corporate income tax returns for accounting period ended 30 June 2017 is due on or before 15 December 2017

The due date to request for extension of time to file the corporate income tax returns with TRA for the accounting period ended 30 June 2017 is on or before 15 December 2017. Given that this is falling on a Saturday, the due date is effectively on the Friday of 14 December 2017. For avoidance of doubt, the return itself is due for filing with the TRA by 31 December 2017 being 6 months after the end of the accounting period.

Based on interpretations of the law, if a statutory due date falls on a weekend or a public holiday, the due date becomes the next working day. Therefore such flexibilities are also available on extension of time requests. However, to avoid issues on matters of interpretation and if you anticipate any delays in finalizing the audit of the accounts for the year ended 30 June 2017, we suggest you request for extension of time by 14 December 2017.

We would like to bring to your attention the fact that under the law, you can only be granted an extension of up to 30 days subject to the Commissioner of the TRA being satisfied with the reasons for the extension. Further note that the extension of time does not apply to payment of taxes due to TRA by the time of filing the relevant return. It is therefore important you perform some reasonable tax calculations and make additional tax payments to TRA where necessary by 31 December 2017 so as to avoid potential late tax payment
interest.

We believe this alert is informative and useful to you. As usual, we are happy to provide any guidance that you may require in this space.

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John Shimbala, Director
Mobile: +255 766 798 508
Email: jshimbala@ark.co.tz

Godfrey Temba, Director
Phone: +255 767 810 970
Email: gtemba@ark.co.tz

Ark Associates Limited
369, Toure Drive
Oysterbay P O Box 23197
Dar es salaam, Tanzania
Tel +255 2222 96800

Email: info@ark.co.tz

This publication is intended to provide you with a general compliance guide and does not constitute a professional tax advice. Do contact us in case of any questions requiring a formal advice or position of the law.

© 2018 ark. All Rights Reserved. Ark Associates Limited is an independent entity incorporated and resident in Tanzania since 17 May 2016. The company is licensed to provide Professional Taxation and Accountancy Services.

For more information please visit us at www.ark.co.tz