Availability of election form for Final Income Tax Without Imputation
Tax alert
Following the introduction of the Final Income Tax Without Imputation Regulations, 2025 (the ‘FITWI Regulations’) by virtue of Legal Notice 188 of 2025 published on 2 September 2025, the Commissioner for Tax and Customs (‘CfTC’) has now issued the prescribed election form required for entities seeking to apply FITWI, along with the deadline for its submission.
The prescribed form requires a director of the entity to formally declare the entity’s election to be taxed under FITWI, in accordance with Rule 3(2) of the FITWI Regulations. In addition, the declaration must include the entity’s name, tax identification number, and the year of assessment from which the election shall apply.
Key features
- The prescribed form for the year of assessment 2025 must be submitted by 28 November 2025;
- Election for FITWI applies for a minimum period of five consecutive years of assessment commencing from the year of assessment in which the declaration is made; and
- After the five-year period, an entity may revert to the standard full imputation and tax payment and refund system by notifying the CfTC, however, it will then be ineligible to elect FITWI again for a minimum of five years.
A detailed tax alert has been previously issued in relation to the FITWI Regulations which may be accessed here.
Additionally, the prescribed election form is available at the CfTC’s official website accessible here.
