To Our Valued Clients
As you are aware, every company, limited liability partnership, trust body or co-operative society may furnish a revised estimate of tax payable for a year of assessment in the 6th month and/or 9th month of the basis period for that year of assessment to the Inland Revenue Board via submission of Form e-CP204A.
In the announcement of the Budget 2022 by our Finance Minister, YB Senator Tengku Dato' Sri Zafrul Tengku Abdul Aziz on 29th October 2021, it was proposed that the abovementioned entities be allowed to submit a revised estimate of tax payable in the 11th month of the basis periods for the year of assessment ["YA"] 2021 and YA 2022, not later than 31st October 2022.
This special revision of tax estimate is to provide an additional opportunity for businesses impacted by the change of business environment due to the on-going COVID-19 pandemic or the recent proposal of Cukai Makmur to revise (whether upward or downward) their tax estimate, particularly to those entities generating high income during this period that need to revise their tax estimate upward to avoid any penalty for under-estimation of tax.
The above special revision of tax estimate in the 11th month of the basis period for a year of assessment which is granted until 31st October 2022, would be available to entities having financial year ending 31st December 2021 until 30th November 2022. Depending on the financial year end, these entities may submit the revision of tax estimate for the YA 2021 and YA 2022 in the 11th month of the basis period when it falls due, from now until 31st October 2022. In this respect, we wish to highlight that those entities with financial year ending 31st December 2021 will need to submit the 11th month revision by 30th November 2021, if this is required.
For further information on Budget 2022, please refer to our Tax Flash - November 2021 (Special Edition) issue.
Please do not hesitate to contact us if you need any clarification on the foregoing.