With reference to our News Flash Issue 15 click here, we would like to provide an update on the latest developments from the TRD.

 

On 24 May 2017 the TRD made a further statement on its website regarding the  filing of audited accounts for an E-filing corporate taxpayer. The TRD  stated that the submission of the audited accounts can be done electronically (as opposed to physically per NDG No. 296) as from 1 November 2017. The TRD noted that for audited accounts required to be filed during the period 25 February 2016 to 6 June 2018, the TRD will extend the time period for electronic submission of the audited accounts to the period 1 November 2017 to 7 June 2018 without imposing a penalty.  The TRD also stated that if the audited accounts required to be filed during such period were already physically filed to the Revenue Office ,the E-filing corporate taxpayer is not required to re-submit the audited accounts electronically. 

 

We  expect that the TRD may make a formal announcement shortly to clarify that until 1 November 2017 it will accept physical filed audited accounts but from 1 November 2017, electronic filed audited accounts will be required. The overall message, regardless of the method of compliance, is that E-filing taxpayers are now obligated to submit their audited accounts to the TRD whereas previously, this was not required. 

 

We will keep you updated on any further developments in this regard.