Argentina Salaries and other employment income are subject to withholding of income tax at progressive rates. Brackets are adjusted for inflation every month. Firms must make advance tax payments in three instalments - 40%, 30% and 20% - based on the previous year's taxes. The instalments are paid in the seventh, ninth and eleventh months of the company's fiscal year. (Final payment must be made on the 25th day of the fifth month after the close of the company's fiscal year). Bangladesh Tax must be paid on the estimated income in 4 advance instalments. If the assesssee's income year ends between 1 April and 31 July, the advance payment must be made in 3 equal instalments. Canada Person responsible for paying income chargeable under the head "salaries, must, at the time of payment, deduct income tax at specified rates. For residents, the tax to be deducted may be increased or reduced to adjust any excess or deficiency due to previous deductions or failure to deduct. Monthly instalment payments are required on account of federal corporation income taxes. Instalments may be based either on an estimate of the current year's All taxes, interest, penalties, costs and other amounts payable under the Income Tax Act are debts due to the Crown. These
liability or on the actual taxes payable for the prior year. Employees must deduct income tax from the salary paid to employees and remit the deducted amounts to Regional Commissioner of Tax. This also applies to pensions, annuities etc. Farmers and fishermen must pay two thirds of their estimated tax liability by the 31 December. The balance is payable by the following 30 April. For other individuals 25% of the estimated tax liability for the current or previous years must be paid in quarterly instalments due on 15 March, 15 June, 15 September and 15 December in each year. The balance is payable by 30 April. Under the new procedure, commencing with the quarterly payment for March 1992, the amount of the quarterly payments will be calculated by Revenue Canada, which will notify individual taxpayers of the amount due. Taxpayers will not be penalised if quarterly payments turns out to be less than the total amount of tax due for the year. debts are recoverable in the Federal Court or any other Court of competent jurisdiction or in any other manner provided under the Income Tax Act. Amounts owing and unpaid under the Act may be certified by the Minister, and on registration of the certificate in the Federal Court, have the same force and effect as if the certificate were a judgement obtained in the Court. The Minister may, on 30 days' notice, direct that the goods and chattels of a defaulting taxpayer be seized. After being kept for 10 days at the owner's expense and after advertisement in a newspaper of the pending sale (except in the case of perishable goods), the goods and chattels may be sold at public auction. Federal and provincial income taxes must be deducted at source from payments to individuals of salary, wages, pensions, etc. Italy Companies subject to corporate income tax and local income tax must make prepayments equal to 98% of the tax due on the previous year's income by end-november each year (or by the 11th month of their financial year, if they do not follow the calender year).
A l l individuals subject to personal income tax and local income tax must pay, during the month of November each year, 98% of the tax corresponding to the entire income declared for the prior tax period. Employers must withhold from employees' wages and salaries sums on account of tax liability as a withholding tax. Taxes withheld at source must be paid over to tax collecting agencies in the district in which the company is registered within the prescribed time periods. Mexico The advance payments system has been designed to collect, through prepayments, approximately the total tax liability. The A provisional assessment may be Netherlands imposed during the taxable period in which the income is earned. The maximum limit of the provisional assessment is the total foreseeable tax due. If a provisional assessment has been made, the tax is collected in equal monthly instalments over the remainder of the year if the assessment is made during the year of income. An employer is required to withhold tax from the wages of his employees and to pay it over to the receiver of taxes.
Country (i) Advance payaent of tax and (ii) Procedures for New Zealand Norway Provisional tax must be paid in the income year in three instalments in the fourth, eighth and twelfth months of that year. Provisional tax is generally compu- ted on income derived in the previous year or on the estimated income in the current year. Final adjustment is to be made at the time of filing returns. Tax is deducted at the time of payment by the employer. The tax deducted must be remitted to the Commissioner of Inland Revenue by the 20th of the month subsequent to the month in which the deduction is made. Companies are required to make advance payments of tax on February 15 and April 15 in the year following the income year. The two payments should together cover 50% of the expected total tax. The balance 50% is paid in two instalments on 15 September and 15 November. Self-employed individuals pay advance tax in four equal instalments during the income year. The advance tax amount is set by the tax assessment office. The Commissioner for Inland Revenue can institute recovery proceedings through the Courts for settlement of outstanding taxes. The A summary declaration of the gross Philippines income, deductions, and net taxable income for the preceding quarter must be filed and income tax thereon paid not later than 60 days from the close of each of the first three quarters of the taxable year. An adjustment return
covering the total net taxable income of the preceding taxable year must be filed by the fifteenth day of the fourth month following the close of the taxable year; the balance or excess of the tax due after deducting the quarterly payments must also be paid or a refund claimed. Spain During the current tax year resident companies and permanent establishments must make a tax prepayment of 60% of the previous year's corporate tax due, in 3 instalments of 20% each by 20 April, 20 October and 20 December. The balance is payable at the time of filing the annual return. All businessmen and self-employed professionals are required to file quarterly returns and make advance payments by 20 April, 20 July and 20 October of the current year and 20 January of the next year on account of final income tax liability for the current year. The statutory minimum of each prepayment is 6% of the net business or professional income derived in each quarter less any related withholdings or 2% (1% for wholesalers) of the gross turnover or receipts in the quarter whichever is higher.