Grace period (for manual/paper filing of return forms) reduced from fourteen days to seven days,with effect from year of assessment 2010 for March and

In an attempt to get taxpayers to be more disciplined with regard to the filing of income tax returns, the IRB has announced that, with effect from year of assessment 2010, the grace period (of fourteen days) which is currently available to companies with March and December year-ends will be reduced to seven days. With this information, it is hoped that taxpayers will be adequately forewarned.