Basic Guide to Corporate Income Tax for Companies

Key requirements

The general corporate rate is 17% of chargeable income, which is taxable income after allowable expenses. A company’s financial year supplies the basis period for the following Year of Assessment; incorporation does not by itself fix the financial year end. ECI is normally due within three months of that year end, unless the company meets a waiver or specifically exempt category. Form C-S, C-S (Lite) or C reports actual taxable income and is generally due on 30 November each year. The ECI return does not replace that annual return. Newly incorporated companies should check obligations even if no reminder arrives, particularly where their first accounts close in the incorporation year. Financial periods longer than 12 months may need allocation between YAs. Sole proprietorships and partnerships are not companies for these corporate income tax rules.