Sunday, 27 November 2016

Originally posted on Facebook - Financial Planning Tip November 20, 2016 - 001 Fourth Quarter Taxes 2016 (T&T) - Holidays in Dec 2016 and the Due dates for Payment of Dec 31, 2016..

Fourth Quarter Taxes 2016 (T&T) - Holidays in Dec 2016 and the Due dates for Payment of Dec 31, 2016.

This year, 2016 due to Dec 31 occurring on a Saturday and the two public holidays of Christmas and Boxing Day being available on the Monday and Tuesday of the last week in the month of December 2016, there is a shorter period in which to work and calculate taxes which may be due and payable in December 2016.

This information becomes important when your calculations are still being worked out in December, signatures to the bank accounts and thus the cheques are to be obtained and persons wish to go on holiday.

Thus, I would suggest that you:

i) Calculate your VAT which may become payable on December 25, 2016 as early as possible as in this instance the 25 day period after the close of the reporting period may not exist in a way which is beneficial to you

ii) Calculate your figures for Green Fund Levy and Business Levy on the figures which are available at the end of each month

iii) Corporation Tax amounts may be known to you at this time as you may have prepared calculations for the first three quarters of 2016 already.

In this instance where there are so many demands on cash which is available as persons stock up with supplies to meet expected demand, I would write my cheques for the known payments as early as possible so as to meet the commitments which are known. 

Also I would leave it up to you to consider your strategy for calculating the taxes on the Dec 2016's figures in light of expectations as to income/ receipts for December 2016.

Consult the BIR for advice in writing for this one....

Remember the BIR may be closing early on the last working day of the year which is Dec 30 ( a Friday), so notices in the newspapers may be an important source of information...

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