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ECONOMIC STIMULUS PACKAGE 2020

By March 27, 2020 July 7th, 2020 No Comments
  1. DEFERMENT OF MONTHLY TAX INSTALMENT PAYMENTS (FOR BUSINESSES IN TOURISM INDUSTRY ONLY)
  2. REVISION OF TAX ESTIMATE IN THE 3RD MONTH INSTALMENT

Further to the announcement on the Economic Stimulus Package 2020 (ESP), the Inland Revenue Board (IRB) has issued a Media Release (available in Malay language only) dated 9 March 2020 in relation to the application of the following 2 measures as stated in the ESP:-

  • The deferment of monthly tax instalments for 6 months from 1 April 2020 to 30 September 2020 for businesses in the tourism industry such as travel agencies, hoteliers and airlines; and
  • Revision of tax estimate in the 3rd month instalment, should the 3rd instalment fall in the year 2020.

Eg: Companies with financial year ended 31 December may revise the tax estimation for year of assessment 2020 in April 2020 as the 3rd month instalment is due on 15 April 2020

In this connection, the IRB has uploaded the following application forms on their website, which can be downloaded and used:

Forms

Remarks

(Borang Permohonan Penangguhan Bayaran Anggaran Cukai (Available in Malay Language only)

 

 

  1. Application for deferment of monthly tax instalments applies to businesses in the tourism industry such as travel agencies, hoteliers and airlines only.
  2. The deferment period is from 1 April 2020 to 30 September 2020.

Borang Permohonan Pindaan Anggaran Cukai Pada Bulan Ke-3 Ansuran Dalam Tahun 2020 (Available in Malay Language only)

  1. Application for this revision of tax estimate applies to all businesses affected by the Covid-19 outbreak.
  2. The revision of tax estimates for the 6th month and the 9th months of the basis period for a year of assessment via e-CP204A is still applicable.

The said forms must be completed and can be submitted from 1 March 2020 onwards to the following address:

Lembaga Hasil Dalam Negeri Malaysia

Bahagian Pengurusan Rekod dan Maklumat Percukaian

Jabatan Operasi Cukai

Menara Hasil Bangi, Aras 7

No. 3, Jalan 9/10, Seksyen 9

43650 Bandar Baru Bangi

Selangor Darul Ehsan

 

IMPORTANT NOTE:

Should you require our assistance to revise the tax estimation for year of assessment 2020 and 2021 in the 3rd month instalment, kindly contact our tax department personnel as soon as possible.