Income Tax Period

The income tax is calculated for the calendar year, which starts on 1st January and ends on 31st December unless otherwise provided by the law.
The Minister may, upon written request, allow in writing a taxpayer to apply any other twelve (12) months period as a tax period if the taxpayer fulfils the following conditions:

• To be an entity subject to corporate income tax;
• To keep books of accounts according to generally accepted accounting principles;
• To present sound reasons for changing his or her tax period.

Where a taxpayer’s tax period changes, the period from the start of the usual tax period to the date of such a change is considered as a usual tax period and is separately subject to taxation.