FURNISHING OF ESTIMATE OF TAX PAYABLE LESS THAN THE MINIMUM
AMOUNT SPECIFIED UNDER SUBSECTION 107C(3) OF THE INCOME TAX ACT
1967
1. Subsection 107C(3) provides that the estimate of tax payable for a year ofassessment must be at least 85% of the revised estimate of tax payable orestimate of tax payable if no revised estimate is furnished for the precedingyear.
2. Taxpayers having difficulty in complying with the provision mentioned abovemay apply in writing to the following address:
Lembaga Hasil Dalam Negeri Malaysia
Pusat Pemprosesan
Aras 10-18, Menara C,
Persiaran MPAJ
Jalan Pandan Utama,
Pandan Indah
Karung Berkunci 11018
50990 Kuala Lumpur
3. Applicants must state the reasons for not complying with the provision ofsubseksyen 107C(3) and provide documents to substantiate the reasonsstated.
4. Factors which may be considered in approving an application:
4.1 Cessation of business
4.2 Income has been significantly reduced or no longer received
Example:
• Income-generating assets have been sold
• No new projects
• Loss of major clients or contracts
• Increase in operating costs resulting in significant reduction of profitmargin
• Disturbance to business operation due to fire or natural disaster
4.3 Companies under winding-up
4.4 Companies taken over by way of mergers and acquisitions
4.5 Companies having substantial carried forward losses / capitalallowances
4.6 Change in accounting period resulting in shorter basis period
4.7 Companies have been granted tax incentives such as pioneer status orinvestment tax allowance
LEMBAGA HASIL DALAM NEGERI MALAYSIA 2nd September 2008
AMOUNT SPECIFIED UNDER SUBSECTION 107C(3) OF THE INCOME TAX ACT
1967
1. Subsection 107C(3) provides that the estimate of tax payable for a year ofassessment must be at least 85% of the revised estimate of tax payable orestimate of tax payable if no revised estimate is furnished for the precedingyear.
2. Taxpayers having difficulty in complying with the provision mentioned abovemay apply in writing to the following address:
Lembaga Hasil Dalam Negeri Malaysia
Pusat Pemprosesan
Aras 10-18, Menara C,
Persiaran MPAJ
Jalan Pandan Utama,
Pandan Indah
Karung Berkunci 11018
50990 Kuala Lumpur
3. Applicants must state the reasons for not complying with the provision ofsubseksyen 107C(3) and provide documents to substantiate the reasonsstated.
4. Factors which may be considered in approving an application:
4.1 Cessation of business
4.2 Income has been significantly reduced or no longer received
Example:
• Income-generating assets have been sold
• No new projects
• Loss of major clients or contracts
• Increase in operating costs resulting in significant reduction of profitmargin
• Disturbance to business operation due to fire or natural disaster
4.3 Companies under winding-up
4.4 Companies taken over by way of mergers and acquisitions
4.5 Companies having substantial carried forward losses / capitalallowances
4.6 Change in accounting period resulting in shorter basis period
4.7 Companies have been granted tax incentives such as pioneer status orinvestment tax allowance
LEMBAGA HASIL DALAM NEGERI MALAYSIA 2nd September 2008
No comments:
Post a Comment