The fiscal year is the calendar year. The tax is assessed annually on the profits earned in the previous year.
Taxpayers are required to close their accounts each year on 31 December, except in the event of disposal or cessation of activities during the year.
New enterprises that commenced operations during the year may close their first balance sheet at the end of the following year. They are then required to draw up a provisional operating account as at 31 December of the year in which they commenced business, the results of which will be taxed immediately. This tax will be deducted from the tax on the results of the first closed balance sheet.
The annual tax return and financial statements shall be submitted before 31 March of the following year.
Payment of tax
CIT due for a year is paid in the following year in three instalments:
- The first payment: Before 31 March, 40% of CIT due.
- The second payment: Before 30 June, 30% of CIT due.
- The third payment: Before 30 September, the balance of CIT due.