When is the company taxed
For income earned in the financial year known as the “basis period”, it will be taxed in the following year.
E.g. This means that income earned in the financial year 2016 will be taxed in 2017.
Basis Period and Year of Assessment
For assessment, the term year of assessment is used. Using the same example as above, 2017 is the Year of Assessment (YA). In other words, the YA is the year in which your income is assessed to tax.
Corporate Tax Rate
With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.