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How is the first year of operation filed for taxes?

id : 36   cat : Business tax   
Hi a company was registered in July 2015 and it financial yr runs from Jan to Dec...do we need to have an statutory audit so that we can file Tax returns by 30th June 2016. or there r special consuderation for new companies?
Asked by : Njenga Moses
 DOQ : 2016-06-01 21:00:00
   Njenga Moses

Answer

Some background... The Company's Act - s.148 allows for accounts to be prepared within a max 18 months after the Registration of the company. FY : You can have audited accounts for 6 months to Dec 2015 & there after 12 months period. There is no requirement to file a return if company is limited. ...& you have chosen the accounting period to be 18 months as your case is. Relax then and wait until 30th June 2017 to file your first return.
Answered by : John Muiruri
 DOA : 2016-06-02
   John Muiruri
Comments
For tax purpose does it apply...18 months apply for audit purpose
   Njenga Moses    Njenga Moses  2016-06-01 21:00:00
I have just filed a tax return for the newly formed Crb company incorporated in June 2014 did 18 months to Dec 2015 on itax and it works
   Phoebe Wakhungu    Phoebe Wakhungu  2016-06-01 21:00:00


Other Answers



0

Newly formed companies have up to 18months to file their first return so for you the first return will be expected by 30th June 2017..... This will be for 17months from July 2015-Dec2017
 votesDOWN : 0    votesUP : 0
: Phoebe Wakhungu  DOA   2016-06-01 21:00:00

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