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Subsection 107C (3) of the ITA provides that the minimum amount of tax estimate for a year of assessment shall not less than 85% of the amount of the amendment of tax estimate or the tax estimate amount (if no amendment of tax estimate is submitted) for the immediate preceding year of assessment.
All businesses are allowed to revise their income tax estimates in the 11 th month of the basis period, before 31 October 2022, and. Microenterprises and small and medium enterprises (MSMEs) are allowed to defer their monthly income tax instalment payments for six months, until 30 June 2022.
When the tax payable for a particular year of assessment exceeds the original or the revised estimate (if a revision is submitted) by an amount exceeding 30% of the tax payable, the difference will be subject to a penalty of 10%.
Businesses are allowed to revise their estimate of tax payable in the month of the third monthly tax instalments, where the third-month tax instalment falls in 2020.
The IRB has published on its website the updated version of its FAQs document on the revision of estimate of tax payable in the 11 th month of the basis period and the deferment of payments of the estimated tax payable (CP204) and instalment scheme (CP500), dated 3 December 2021.
FAQ on the revision of estimate of tax payable in the 11th month for the years of assessment (YAs) 2021 and 2022 and the deferment of tax instalment payments for micro, small and medium enterprises (MSMEs) (“FAQ”). The FAQ was first issued on 25 November 2021. The latest version was updated on 3 December 2021.
Following the announcement under Budget 2022, the Inland Revenue Board (IRB) has issued: FAQ on the revision of estimate of tax payable in the 11th month for the years of assessment 2021 and 2022 and the deferment of tax instalment payments for micro, small and medium enterprises (MSMEs) (“FAQ”). The FAQ was first issued on 25 November 2021.
