Taxpayers are required to pay their income tax in installments. Installments are due at the end of each quarter of the calendar year which are, the 15th of March, the 15th of June, the 15th of September and the 15th of December (Amendment Act No. 6 of 2006)(Section 44 (6) of The Income Tax Amendment Act No. 6 of 2006).
Installments are generally one quarter (¼) of the total taxes payable on the most recent Corporate Tax Return that had been filed with the Inland Revenue Department. However, the Comptroller may estimate the amount of the installments due from any taxpayer as long as there is a reasonable basis for that estimate. Any balance owing on an Income Tax Return is due on the filing deadline of the tax return. If payment is received after that date, interest will be charged commencing on the day after the filing deadline and will continue to be charged until the amount owing has been paid in full. To be considered for an extension to pay, the taxpayer must make an application, using the RLP-001: Application: Request To Pay After The Due Date, outlining the specific reason requested for the extension. The granting of an extension to pay means that late payment penalties will not be assessed, however, interest charges will not be waived.