According to Article 348 of the Tax Code, legal entities whose aggregate annual income exceeds the established threshold of 600,000 MCI are required to calculate and pay advance payments for Corporate Income Tax (CIT).
We remind taxpayers of the importance of making timely adjustments to advance Corporate Income Tax payments. During the year, a company’s financial indicators may change, and accordingly, the amount of Corporate Income Tax payable at the end of the year may also change.
What should be taken into account? If the amount of Corporate Income Tax actually calculated at the end of the year exceeds the declared advance payments by more than 20%, administrative liability is provided for by law. According to Part 3 of Article 278 of the Code of Administrative Offenses, the fine amounts to 20% of the excess amount.
What should legal entities do?
Analyze the expected financial results for the current year.
Compare the estimated amount of Corporate Income Tax with the advance payments calculated earlier.
If necessary, submit a calculation using Form 101.02.
The calculation using Form 101.02 may be submitted until December 31 of the current year. However, we recommend not postponing the adjustment until the final days of December.
Do not wait until the end of the year. Check your advance payments now and, if necessary, submit an additional calculation in a timely manner.
Follow memleket.kz on social media
Important news from Kazakhstan and useful articles on the platform you prefer.
