Tax alert – Extension to the dates for objection or settlement of assessments
TAX ALERT – MARCH 2023
FAST ISSUANCE OF TAX ASSESSMENTS AND DELAY IN DELIVERY OF THE NOTIFICATIONS OF ASSESSMENTS ISSUED BY THE TAX DEPARTMENT
On 02 March 2023, the Tax Department has announced, that in an effort to proceed with the efficient and quick assessment of all the Income Tax Returns, a delay has been noted on the delivery of the above-mentioned Notifications of Assessment (T.D.8).
Due to this delay, the deadlines prescribed on the notification of assessment with relation to the below actions may lapse, before the same are delivered to the tax payers:
- a) the raising of an objection and
- b) the imposition of an additional 5% monetary fee.
In consideration of the above matter, as per the announcement, the Tax Department provides for an additional two-month period from the above dates as prescribed on the notification of assessment. Therefore, where the additional two-month period from the above dates has not yet lapsed, taxpayers may proceed to file objections or proceed with settlement of respective taxes assessed without the additional 5% monetary fee.
Further to the above, in case you have received an assessment for which our assistance is required for its review and assessment of the validity of its content according to your tax filings or for the filing of an objection, please do not hesitate to contact a member of our team of experts.
Our team of experts remains at your disposal for assistance in the assessment of the tax implications arising as a result of the above.