Accounting dates of Assessment.

The year of assessment is a period of twelve months ending on 31st December and this is the ordinary year of assessment. The commissioner may, on written application, grant permission to use a different twelve month as the year of assessment. This shall be called a substituted year of assessment.

The application should be supported by valid reasons.The permission to use a substituted year of assessment can be withdrawn by written notice issued by the commissioner. Such notice shall take effect at the end of the taxpayer’s substituted year of assessment. The person may also be granted different dates for payment of QPDs. 

Where the year of assessment for a taxpayer changes from an ordinary year of assessment to a substituted year of assessment to an ordinary year of assessment or from one substituted year of assessment to another, the period between the last full year of’ assessment prior to the change and the date on which the changed year of assessment commences shall be treated s a separate year of assessment, to be known as a “transitional year of as assessment”.