WHO SHOULD FILE INCOME TAX RETURN

Every Company: All companies are required to file income tax returns.

Individuals with Taxable Income Exceeding the Maximum Non-Taxable Amount: Individuals who are not companies and whose taxable income for the tax year exceeds the maximum amount that is not chargeable to tax under the relevant ordinance are required to file income tax returns.

Non-Profit Organizations: Non-profit organizations as defined in the section are required to file income tax returns.

Individuals Subject to Final Taxation: Individuals whose income for the year is subject to final taxation under any provision of the ordinance are required to file income tax returns.

Other Individuals: Individuals who fall into any of the following categories are also required to file income tax returns:

Individuals charged to tax in any of the two preceding tax years.

Individuals claiming a loss carried forward under the ordinance for a tax year.

Individuals owning immovable property with a certain land area or owning flats in specified areas.

Individuals owning immovable property with a certain land area in a rating area.

Individuals owning a flat with a specified covered area in a rating area.

Individuals owning a motor vehicle with an engine capacity above a certain CC.

Individuals who have obtained a National Tax Number.

Individuals holding commercial or industrial connections of electricity with annual bills exceeding a specified amount.

Resident individuals registered with specified chambers, associations, councils, or bodies.

Resident individuals required to file foreign income and assets statements under section 116A.

Persons or Classes of Persons Notified by the Board: Persons or classes of persons notified by the Board with the approval of the Minister in-charge are also required to file income tax returns.

Specific Income Threshold for Individuals in Business: Individuals whose income under the head ‘Income from business’ exceeds a certain threshold but does not exceed another specified amount are also required to file income tax returns.