news

UPDATES ON LATEST ANNOUNCEMENT BY INLAND REVENUE BOARD (IRB)

By March 30, 2020 July 7th, 2020 No Comments

Dear Valued Clients,

Further to our email dated 25 March 2020, we are writing to keep you posted with the latest announcement by the IRB.

EXTENSION OF TIME FOR SUBMISSION OF DATA AND PAYMENT OF MONTHLY TAX DEDUCTION (MTD) / CP38

We would like to inform that the IRB has granted an extension of time to submit the data and payment of MTD / CP 38 on remuneration from employment for the month of March 2020 to 30 April 2020.

In addition, any compound payment for MTD which should be paid during the Movement Control Order Period ( 18 March 2020 to 14 April 2020) can be made before 30 April 2020.

DEFERMENT OF CP204 INSTALMENT PAYMENT

Small and medium enterprises (SMEs) are allowed to defer the payment of income tax instalments for three months beginning 1 April 2020. This measure was taken to help alleviate the cash flow burden of approximately 750,000 SMEs due to the outbreak of COVID-19.

This is in addition to the previously announced measures under which the government has allowed the deferment of the tax instalment payments to affected businesses in the tourism sector for 6 months starting from 1 April 2020. The SMEs can also revise the tax estimate in the 3rd month instalment in addition to the 6th & 9th month revision.( provided the 3rd instalment falls in the year 2020.)