Variation to section HB 13(3)(b) of the Income Tax Act 2007

This variation applies to all companies who wished to elect to be an LTC and have not previously been required to file a return of income.  It recognises that the impact of COVID-19 may have adversely affected some companies’ ability to file their LTC election on time, and this will mean they are unable to be treated as an LTC for the year in question.  For this reason, the due date for providing this election has been extended.

Tax Information Bulletin - April 2022