Section 25: Change in taxable period

25. Change in taxable period (1) Where the annual turnover of taxable supplies of a registered person whose taxable period is a quarter exceeds the amount specified in the Second Schedule, he shall— (a) within 15 days of the date of the closing of his annual accounts, notify the Director-General of that fact in writing; and (b) change his taxable period from a quarter to a month as from the month immediately following that quarter. (2) Where the annual turnover of taxable supplies of a registered person whose taxable period is a month does not exceed the amount specified in the Second Schedule, he may— (a) within 15 days of the date of the closing of his annual accounts, notify the Director-General of that fact in writing; and (b) change his taxable period from a month to a quarter as from the quarter immediately following that month. (3) Where a registered person changes his taxable period under subsection (1) or (2), he shall submit the return under section 22 in accordance with his new taxable period.