FIRMS ALLOWED TO DELAY THEIR VAT PAYMENTS TILL MARCH 2021

 

The Department of Taxation has allowed businesses to take more time in order to fulfill their value-added tax dues for the period of December 31, 2020 to January 31, 2021.

Usually, the tax for the period must be paid between February 10 and March 10, 2021. But the Tax Department has made the concession to allow businesses to forego monthly payments and pay in three monthly installments instead.

Those companies which have tax due for both of the above periods must pay their first installment by April 10, 2021, second by May 10, 2021, and the third on June 10, 2021.

Companies are not obligated or mandated to pay their due in equal installments. They can pay their entire liability with no interest or incurring charges by April 10, 2021.