Income Tax Encouragement Discounts

 

According to Income tax law article #30 the following encouragement discounts were stated:-

For tax year 2016:-

  1. Discount equal to 8% of tax advances due if the paid within the first two month of 2016.
  2. Discount equal to 6% of tax advances due if the paid in the third month of 2016.

The Tax advances will be determined based on data on tax system, the advances amount could be change based on taxpayer updated data.

The taxpayer must notice that when tax department accept postdated checks the check could take up to two weeks from the date of check to be withdrawn from banks, so taxpayer must be alert to not issue checks at end of discount period as they may lose the discount.

                  

According to Income tax law article #19 the following encouragement discounts were stated:-

For tax year 2015:-

  1. Discount equal to 4% of tax due if the tax report submitted and the tax due paid within the first month of 2016.
  2. Discount equal to 2% of tax due if the tax report submitted and the tax due paid within the second and third month of 2016.