Monday 5 January 2009

Compound for Non-Filing of Form E for Dormant Companies


In response to the submission of the professional bodies on the above matter, the Inland Revenue Board (IRB) has clarified that the compound notices were issued to active employers who failed to submit the Form E based on the records available with the IRB.

In view of the submission by the profession and the need for a practical resolution of the matter, the IRB has agreed to granting a concession whereby for cases which have not yet been settled, the IRB has agreed to withdraw the compound for employers with no employees or who are dormant or in the process of being wound up. The employer should, however, confirm its status via a letter signed by the director or the proprietor. Alternatively, the employer may submit any document that would support its claim that the business has been terminated or liquidated, etc.

The IRB has also reminded that an employer who has received a Form E must complete and file the Form on or before the due date, even if it is dormant, under liquidation or has no employees. Employers must inform the IRB if they are no longer active or are under liquidation so that the IRB can update its records.

No comments:

Post a Comment

CCS Group's Official Website

We are thrilled to announce that CCS Group has launched a new website at www.ccs-co.com Some of the great new features of this newly designe...