Local entities and individuals are obliged to fill tax returns at the federal, state and municipal level depending on their activities. Tax returns must be filled on a monthly or yearly basis depending on the tax.
Information regimes are applicable to certain activities. Advance payment regimes are applicable for some taxes.
Federal income tax returns must be lodged annually. The Australian tax year, or year of income, ends on June 30. A Substituted Accounting Period may be adopted as the income tax year with the written approval of the Commissioner.
Increased administrative penalties are imposed on entities with annual global income of AUD1 billion or more that fail to adhere to tax disclosure and related obligations. The increased administrative penalties apply from July 1, 2017 and:
- Increased the maximum penalty to AUD687,500 for multinational companies which fail to meet their reporting obligations and
Doubled the penalties related to making false and misleading statements to the ATO with a view to discourage multinationals from being reckless or careless in their tax affairs.
The Austrian tax laws stipulate a number of tax compliance provisions, including an obligation to keep books and records (usually for 7 years), an obligation to file annual tax returns, generally, until June 30 (corporate tax and value-added tax, which may be extended if the entity is represented by a tax advisor) and notification duties. However, if the company is represented by an Austrian certified tax advisor, the tax return can be submitted by March 31 of the 2nd following year.
Beginning in 2019, corporations that fulfill certain requirements can apply for horizontal monitoring. Through the implementation of an internal control system, verified by tax advisors or auditors and extended disclosure requirements, horizontal monitoring can replace traditional tax audits.
In principle, domestic corporate income tax returns must be submitted to the tax authorities by the date mentioned on the official tax return form. In general, corporate income tax returns should be filed within 7 months following the financial year-end closing date.
Legal entities must file tax returns at federal, state and local levels depending on their activities. Some of these returns are monthly obligations.
Corporate income tax returns are generally due no later than 6 months after the end of each tax year. A corporate income tax return must generally be filed no later than 3 years after the end of the relevant tax year to receive a tax refund.
Corporate income tax returns must be filed before the end of April. Likewise, the company must submit monthly tax returns based on gross income obtained within a month.
A resident enterprise must report and pay enterprise income tax on an annual basis, with quarterly provisional tax filings. The annual enterprise income tax return is due by May 31 of the following year. A non-resident enterprise may have to file an income tax return on its own if it has an establishment or place in China or may be subject to tax withholding by a withholding agent as applicable.
A tax year in Colombia starts on January 1 and ends on December 31. Corporate tax returns have to be filed after the tax year ends, on due dates determined by the Colombian government every year. In general, due dates of Corporate Income Tax are between April and June.
Both unlimited and limited tax liable companies are liable to submit an income tax return. No tax return is required for income subject to withholding tax only. The income tax return shall be submitted to Finnish tax authorities within 4 months after the end of the company’s financial year.
Corporate income tax returns must be filed no later than the second working day after May 1 for calendar year taxpayers, or within 3 months after the end of the relevant financial year otherwise, with no extensions.
Corporate income tax returns and trade tax returns generally must be filed within 7 months after the end of the fiscal year. Tax returns prepared by a consultant have to be filed 14 months after the end of the fiscal year. Certain Covid-19-related reliefs may apply and are expected to be extended for tax declarations for 2021 and 2022.
Hong Kong, SAR
The year of assessment runs from April 1 to March 31. For profits tax purposes, the basis period is the accounting year of the taxpayer ended in the year of assessment.
Hong Kong taxpayers are prompted to file tax returns. The Inland Revenue Department (IRD) usually issues profits tax returns to taxpayers from the first working day of April each year. In general, a corporate taxpayer is required to complete and file its profits tax return with the IRD within 1 month from the date of issuance, but a taxpayer with a tax representative usually has an automatic extension, with reference to the accounting date. If a taxpayer has assessable profits for a tax year, it is required to inform the IRD accordingly if it has not received a tax return.
A newly incorporated business in Hong Kong usually receives its first profits tax return around 18 months from the date of commencement of business or the date of incorporation.
Corporate income tax returns must be filed within 5 months from the last day of the tax year. Corporate income tax must be self-assessed by taxpayers and declared annually.
Under the self-assessment system, taxpayers are expected to voluntarily comply with the rules of the tax legislation. In order to encourage voluntary compliance, a self-correction procedure is available to taxpayers.
Due date for filing income tax return for financial year 2022–23 (assessment year 2023–24) for individuals is July 31, 2023and, for businesses, income tax returns are due on October 31, 2023. If the taxpayer must furnish transfer pricing report, the due date for filing an income tax return is November 30, 2023. In certain instances, a taxpayer may be required to make advance payments of tax on a quarterly basis on June 15, September 15, December 15 and March 15.
An option is proposed to be provided to the taxpayer to furnish an updated return of income within two years of the end of the relevant assessment year on payment of additional tax. The said option would be available regardless of whether a return of income was filed previously or not, subject to satisfaction of certain conditions.
Corporate tax returns are generally due by the 21st day of the 9th month following the end of the relevant company's accounting period. This may be extended to the 23rd day of such month for companies that file their corporate tax returns online, which most companies are now obliged to do. At this time, companies must pay the balance of any associated tax due via Revenue's Online Service.
Companies are also obliged to pay preliminary tax.
In the case of "large companies" (ie, companies which, in their preceding accounting period, had a tax liability exceeding EUR200,000), there is an obligation to pay preliminary tax in 2 installments. The first installment will be payable by the 21st/23rd day of the 6th month of the accounting period in the amount of 50 percent of the corporate tax liability for the preceding accounting period or 45 percent of the corporate tax liability for the current period. The second installment is payable by the 21st/23rd day of 11th month of the accounting period and the amount payable must bring the total preliminary tax paid to 90 percent of the company's corporate tax liability for the current accounting period. The balance of tax due is payable when the corporate tax return is due to be filed (ie, the 21st/23rd day of the 9th month after the end of the accounting period).
In the case of "small companies" (ie, companies which in their preceding account period had a tax liability of less than EUR200,000), there is an obligation to pay preliminary tax in 1 installment only. This installment is payable by the 21st/23rd day of the 11th month of the accounting period in the amount of 100 percent of the corporate tax liability for the preceding accounting period or 90 percent of the corporate tax liability for the current period.
New or startup companies with a corporation tax liability of EUR200,000 or less in their first accounting period are not required to pay preliminary tax for that period. Rather, the final tax liability for that period for such companies is due and payable when the corporation tax return is filed.
The tax year begins on January 1 and ends on December 31 of each calendar year. In special circumstances and subject to a pre-approval, a substituted period of 12 consecutive months may be adopted as the tax year.
Corporations' annual tax returns are due by the end of the 5th month after the end of the fiscal year. An extension to file is routinely obtained.
The IRES tax return is ordinarily due within 11 months after the fiscal period end (ie, November 30 for companies that adopt the calendar year).
Corporate tax is paid through a self-assessment system, by which taxpayers determine and pay their own tax obligations. If a taxpayer makes an incorrect or intentionally false tax return, the tax authority may order resubmission of a corrected tax return and payment of a penalty.
Tax return documentation must be submitted within 2 months from the day after the ending date of each fiscal year. However, the due date of a tax return filing can be extended for up to 3 months. For certain corporations, an interim tax return filing is also required.
The tax year for a company is either the calendar year or the company’s accounting year ending in a particular calendar year.
Corporate income tax, net worth tax and municipal business tax returns must be submitted before May 31 of the following tax year.
Failure to submit a tax return or a late filing may be subject to a penalty of 10 percent of the tax due and a fine up to EUR25,000.
Under the Country-by-Country (CbC) law, a Luxembourg tax resident entity that is the ultimate parent entity of a multinational group with consolidated group revenue of EUR750 million or more in the previous fiscal year and prepares consolidated financial statements must file a CbC report with the Luxembourg tax authorities within 12 months after every fiscal year-end of the group. A Luxembourg tax resident entity can be appointed as a surrogate parent entity to file a CbC report in Luxembourg on behalf of the group.
Mexican entities shall file annual income tax returns on a calendar-year basis. Taxes must be calculated and paid in pesos. The return for a given tax year must be filed no later than March 31 of the following year, and the balance of any income tax liability (less estimated tax payments made during the tax year) must also be paid at that time. There is no ability to request an extension on the filing date for annual tax returns.
In addition to filing annual income tax returns, legal entities also are required to file estimated monthly tax returns and make the applicable estimated tax payments for income and VAT purposes. Legal entities must make estimated income tax payments on a monthly basis on the 17th day of each subsequent month.
A Mexican publicly traded company is obligated to complete a tax report of the financial statements if its taxable revenue is MXN876 million (USD43.8 million) or more. If thresholds are not met, filing a tax report is optional.
Tax report shall be filed on May 15 of the following year.
IRPC is due for each financial year, coinciding with the calendar year. However, companies and other entities subject to IRPC may adopt an annual tax period other than that established in the law, when reasons determined by the type of activity justify it, and when they are subsidiaries held in more than a 50-percent of their equity capital by entities which adopt a different taxation period, which must be kept for at least the next 5 years, provided that it is duly authorized by the Minister who oversees the finance area.
Corporate income tax returns must be filed within 5 months after the end of the fiscal year, but extensions may be applicable.
Norwegian tax resident companies and foreign companies that have assets or receive income in Norway are generally required to submit a yearly tax return (with attachments). The tax return must be submitted electronically by May 31 the year after the income year.
Advance payments of corporate taxes are due twice a year (February 15 and April 15 the year following the tax year). Any shortfall is payable during the fall, normally in November.
CIT returns must be filed before the end of deadline established by the Tax Administration. Additionally, the company must submit monthly tax returns based on income obtained within a month in order to comply with the advance income tax payment as well as the VAT.
CIT is paid in monthly installments by the 20th day of each month for the preceding month (quarterly payments are possible for small taxpayers). An annual CIT return should be submitted within 3 months of the tax year end.
The tax return must be filed within 5 months after the end of the tax year.
The supporting accounting and tax report must be filed by the 15th day of the 7th month after the end of the tax year.
CBC reports must be filed within 12 months after the end of the MNE's tax year.
For entities whose fiscal year is the calendar year, the annual domestic corporate income tax returns are due on March 25 of the following year, with few exceptions applicable to some industries. Quarterly corporate income tax returns should also be submitted by the 25th of the first month following each quarter, except for the last quarter. Romanian companies that qualify as micro-companies for tax purposes have only quarterly tax reporting obligations.
A resident must file corporate profits tax returns either monthly or quarterly. The annual corporate profits tax return is due by March 28 of the following year. A non-resident with a permanent establishment in Russia should file corporate profits tax returns quarterly.
A resident pays a monthly advance payment on corporate profits tax. A non-resident with a permanent establishment in Russia pays quarterly advance payments. Final payments are due on March 28 of the following year. Corporate profits tax with respect to passive income of non-residents is generally levied through a tax withholding mechanism.
There are 2 major deadlines:
- Filing of the estimated chargeable income (ECI)
A company carrying on business is required to file its ECI within 3 months after its financial year end. For example, the ECI in relation to the financial year ended on September 30, 2022 will be due for filing by December 31, 2022.
- Filing of the corporate income tax return (Form C)
Form C is due for filing by November 30 of the year following that in which the financial year ended. For example, the corporate income tax return in relation to the financial year ended on September 30, 2022 will be due for filing by November 30, 2023.
Resident and foreign companies are generally required to submit income tax returns within 12 months from the date on which the relevant financial year ends.
All companies, including foreign companies with a South African branch, are required to make provisional tax payments in respect to their SA tax liability. Provisional tax payments are advance tax payments in respect of income tax payable for the tax year and reflect as a credit against the income tax finally assessed.
Corporate income tax returns must be filed for the taxable business activities of the corporations within 3 months from fiscal year end. An interim corporate income tax return should be filed within 2 months from the date of the entity's mid-fiscal year.
Corporate local income tax return should be filed within a month from the due date of the corporate income tax return.
The return shall be submitted within 25 days following the next 6 months after the end of the fiscal year to which the return refers.
Both unlimited and limited tax liable persons must submit an income tax return. Generally, the income tax return shall be submitted with the Swedish Tax Agency within 6 months after the end of the company’s financial year.
All corporate taxpayers must file a tax return at the end of their fiscal year.
A domestic company must file tax returns and pay any tax liabilities during the 5th month after the close of its fiscal year.
A domestic company must pay provisional income tax in an amount equal to 50 percent of the preceding year’s tax liability during the 9th month after the close of its fiscal year. However, if the company meets certain conditions, the company may opt to pay the provisional tax at an amount calculated on the basis of its operating income for the first 6 months of the current fiscal year.
Although Taiwan does not have a codified general anti-tax avoidance rule, Taiwan does employ the concept of substance over form, whereby the economic substance of a transaction is considered.
A tax year in Turkey may be a calendar year or a fiscal year. Corporate tax returns are due and must be filed in the 4th month (ie, between the 1st and the 25th day) following the end of a company's accounting period. The tax should be paid by the end of the month in which the tax return is due. Subject to approval by the Ministry of Treasury and Finance, companies may choose to use a special accounting period.
Corporations are subject to pay an advance corporate tax to be offset against their ultimate tax liability. Advance tax is paid at 20 percent based on a corporation's quarterly profits, and the ultimate liability of a corporation is determined by the annual corporate income tax return. Corporations are required to submit their advance corporate tax returns by the 2nd month (i.e., the 14th day of the month) after a relevant quarter which may be extended by the Ministry of Treasury and Finance. Tax becomes payable in the same month (i.e., the 17th day of the month).
Quarterly tax returns must be submitted no later than the 40th calendar day following the end of reporting quarter. Yearly tax returns must be submitted no later than the 60th day following the end of reporting year.
United Arab Emirates
Only oil and gas producing companies and branches of foreign banks are required to register with the tax authorities and file tax returns.
Corporation tax returns are due within 12 months of the end of a company's accounting period, and the tax should be paid within 9 months of the end of that accounting period. UK companies can choose the date which marks the end of their accounting period, December 31 and March 31 are common, but any date can be chosen.
Larger companies are required to make quarterly payments in respect of corporation tax. Broadly speaking:
- Companies with annual profits of GBP1.5 million or more (calculated on a group basis) are required to pay corporation tax in the 7th and 10th months of the current accounting period and the 1st and 4th months after the end of the accounting period, and
- Companies with annual profits of GBP20 million or more (calculated on a group basis) must pay corporation tax in the 3rd, 6th, 9th and 12th months of the current accounting period.
Separate rules apply to the payment of the diverted profits tax and the digital services tax and to tax due under the ORIP rules.
Domestic corporate income tax returns are due on the 15th day of the fourth month after the end of the tax year. A taxpayer may also file for a 6-month extension of the due date.
In Zimbabwe, the tax year follows the calendar year and tax returns are normally due by the April 30 of the subsequent year after the relevant year of assessment. For example, the return for the 2018 year of assessment was due on April 30, 2019. There are provisions in the Income Tax Act (Chapter 23:06) which allow for an individual taxpayer’s financial year to be amended.