On May 18, 2020 the Commissioner for Revenue notified that the Registration of a Fiscal Unit in terms of the Consolidated Group (Income Tax) Rules is available on the tax portal of the Commissioner for Revenue as from the day of the announcement (18th of May). For the year of assessment of 2020, companies can register until August 31,2020. The Commissioner has also published the guidelines, which clarify the following points:

  • Eligibility to form part of a fiscal unit
  • Timeline and deadlines
  • Registration Process
  • Clarification on the registered tax representative
  • Non-resident company registration
  • Approval of minority shareholder(s)
  • Termination of a fiscal unit

The Tax Compliance team at EMCS Ltd. will be able to assist you to determine whether you should consider opting for tax consolidation, to follow the necessary formalities and to be in time with the registration deadline of August 31, 2020.