The Corporate Tax (CT) will be applicable to financial years beginning on or after June 1, 2023.
For companies that follow a fiscal year starting on June 1, 2023, and ending on May 31, 2024, the CT will come into effect from June 1, 2023. These companies are expected to file their first tax return towards the end of 2024.
On the other hand, companies that follow a calendar year starting on January 1, 2023, and ending on December 31, 2023, will be subject to CT starting from January 1, 2024. The filing of tax returns for these companies is likely to be due around mid-2025.