FAQ on Tax Matters During the MCO Period

Frequently Asked Questions (FAQ) on Tax Matters During the MCO Period

In line with the Movement Control Order (MCO), the Inland Revenue Board (IRB) has issued a list of frequently asked questions (FAQ) on tax matters during the MCO period.

While there are numerous FAQs covering different tax matters, the following are the pertinent highlights for your attention.

 

MTD / PCB Payment

Extension of time will be given until 30 April 2020 for March 2020 remuneration.

 

Income Tax Estimates (CP204)

For non-SMEs, extension of time will be given until 30 April 2020 for tax estimate payments which are due on or before 15 April 2020.

SMEs are eligible for deferment of CP204 payment for 3 months beginning April 2020 until June 2020.

Companies related to the tourism industry (including those with SME status) are eligible for deferment of CP204 payment for 6 months beginning April 2020 until September 2020.

Taxpayers do not need to pay the deferred payments. The balance of tax (if any) has to be settled upon the submission of the income tax return.

 

Income Tax Estimates for Other Than Company (CP500)

Payment for CP500 can be deferred starting from April 2020 to June 2020. The months eligible for deferment are March 2020 and May 2020.

Taxpayers do not need to pay the deferred payments. The balance of tax (if any) has to be settled upon the submission of the income tax return.

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