Considering the exceptional business environment, the Minister of Finance decided to extend the initial filing due date for Assessment Year 2020 of 24 September 2020 till 29 October 2020.
The extension applies to corporate income tax, non-resident corporate income tax and legal entity tax returns to be filed via BizTax. BizTax is currently operational, but pending the release of the so-called “taxonomy”, only for filing through direct input.
Taxpayers entitled to a tax refund managing to file the tax return by 1 October 2020, will be treated on a priority basis and can expect to receive the tax assessment notice confirming the tax refund sooner.
This policy alongside the new carry-back of losses measure will sustain the liquidity and solvability position of the concerned taxpayers.