Article 53 Case Scenario

1. Signature Group is a group of companies comprising seven juridical persons. XYZ Ltd is it’s parent company. Signature group is recognized as Tax Group under Corporate Law. Who will file the tax return to authorities?

Solution: As per the provisions of “Article 53 (Clause 7) – Tax Returns”, The Parent Company must file a Tax Return to the Authority on behalf of the Tax Group.

Therefore, XYZ Ltd. Will file the Tax Return to authorities on behalf of the Tax Group.

2. Parson Ltd. has to file Corporate Tax Returns. What all information is required to be furnished by it in the returns?

Solution: As per the provisions of “Article 53 – Tax Returns”, Parson Ltd. must at least furnish the following information:

1. The Tax Period to which the Tax Return relates.
2. The name, address and Tax Registration Number of the Taxable Person.
3. The date of submission of the Tax Return.
4. The accounting basis used in the financial statements.
5. The Taxable Income for the Tax Period.
6. The amount of Tax Loss relief claimed under Clause 1 of Article 37 of this Decree-Law.
7. The amount of Tax Loss transferred under Article 38 of this Decree-Law.
8. The available tax credits claimed under Articles 46 and 47 of this Decree-Law.
9. The Corporate Tax Payable for the Tax Period