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Financial Year Procedure

Subsequent to changes brought by the Finance Act 2015, the fiscal year shall now end on 30 June instead of 31 December. Individuals would henceforth be liable to income tax on income derived by them during the preceding income year i.e. 1st July to 30th June.

This implies that on Sicorax Payroll, the payroll calendar year will be from January to December, while the fiscal year will be from July to June of the following year.

The financial year procedure should therefore be performed after the June final calculation and before doing July payroll calculation. This procedure will allow you to setup the new financial year parameters, print your Statement of emoluments and tax deduction, print your reconciliation statements, and file your 'Return of employees' electronically.


(1) Tax Account Number: Section 99A of the Income Tax Act requires every employer to make necessary arrangements to obtain from MRA, the Tax Account Number (TAN) of every employee in respect of whom tax is required to be withheld.

(2) You will have to validate other figures with the MRA, MEF, etc. as and when required. Uniconsults will also inform you if ever the official figures are published.

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