Update on Penalty on Late Filing of Tax Returns -- Deferment till 30 September 2011

In response to the appeal made by our President on 6 September 2011, the IRB has agreed to defer the implementation of the new penalty rate till 30 September 2011.  A copy of the IRB letter on Late Filing Penalty dated 22 September 2011 has been uploaded to the Institute’s website at Members Only > Recent Updates. 

Members are advised to inform their clients to submit the returns on time to avoid the heavy penalty.  For those taxpayers who have been imposed the new penalty rates, an appeal may be made to the respective branches, the information processing department or the tax operation department to have their penalties revised to the old penalty rates.