Period When Income is Earned?

Anyone who earns income or profits exceeding a certain amount will be required to pay income tax. The tax payable for a tax year (a year of assessment) will be based on the income earned for that year.

For example, for the year 2005 (year of assessment 2005) an individual is required to declare his earnings gained in the calendar year 2005. The declaration of the earnings is made in the year 2006.