In 2022, Inland Revenue Board (IRB) Malaysia has implemented something new in the recent budget.
Do you know that you can now do your tax revision in the 11th month?
Companies are required to submit tax estimation one month before a basis period starts. For example, if your company year of expiry is 31 March 2022, your basis period will be from 1 April 2021 to 31 March 2022. Just follow the steps required, first you need to submit the CP 204 one month before the basis period begins which is due on 28 February 2021. Your estimation can be higher than the previous year of assessment or 85% of what was submitted last year.
Many people wonder, any chance to go lower?
The answer is YES, but the companies need to write in IRB with valid reason to get approval. Conventionally, you have two chances to revise your tax estimate on the 6th and 9th month following the basis period. In this case, the 6th month is due on 30 September 2021 and 9th month is due on 31 December 2021. However, following the recent budget 2022, IRB has allowed the company to make the 11th tax revision which is due on 28 February in our example.
So how many times a company is allowed to do their tax revision? Interestingly, the company is allowed to revise their tax three times. They are in the 6th month, 9th month, and 11th month. Apparently, the 11th month tax revision only applies for 2 years of assessment, which is YA 2021 and YA 2022. So be in a hurry to revise your company tax before the year expires. IRB has issued a FAQ for this matter.
Inland Revenue Board (IRB) Malaysia has implemented something new in the recent budget of 2022!
They have no allowed companies to make 11th tax revision !
𝐒𝐚𝐲 𝐆𝐨𝐨𝐝 𝐁𝐲𝐞 to all the hassles, 𝐒𝐚𝐲 𝐡𝐞𝐥𝐥𝐨 to some relief...
So hurry up before the year expires!
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