The International Tax Authority (“ITA”) would like to remind all authorized representatives making an application to alter a legal entity’s Financial Period (except its first financial period) that they should be guided by the requirements of Rule 18 of the Rules on Economic Substance. The application should be made by way of notice to the ITA containing the following information:

  1. Its registered name
  2. Its registered number
  3. The name and address of its RA
  4. The current commencement date of its next financial period
  5. The proposed new commencement date of its next financial period
  6. Brief reasons for the proposed alteration in the commencement date

Effective immediately, applications received by the ITA that do not include the aforementioned information will be returned for correction.

For clarity, please note:

If an entity’s current FP is 30 June 2023 to 29 June 2024, the current commencement date of the next financial period will be 30 June 2024.

If an entity wishes to alter its financial period to align with its accounting period, for example, 1 January to 31 December, the proposed new commencement date of the next financial period will be 1 January 2024.

Kindly be reminded that a financial period shall not exceed twelve months in length.

We encourage Registered Agents to review requests received by third parties for completeness, before submission to the ITA.