Criteria on Incomplete Income Tax Return Form (ITRF), Business Codes and Media Release

i) Please note that information on Criteria for Incomplete ITRF has been updated and can be viewed via the dropdowns of the “Forms” box at the IRB’s website.

ii) According to the information available on the website and the media release dated 29 March 2012 by the Inland Revenue Board (IRB), effective from 1 January 2012,

· an incomplete Income Tax Return Form (ITRF) will be returned to the taxpayer.

· IRB will impose a penalty under Section 112(3) of ITA in the case of late resubmission of the ITRF to IRB.

· failure to submit Employer Return (Form E) on or before 31 March 2012 will be liable to offence under Section 120(1)(b) of ITA

iii) Members may now view the Business Codes at IRB’s website at the homepage via the dropdowns of the “Forms” box.

iv) The IRB has, via subsequent email, informed the Institute that filling a business code (box) incompletely will be tantamount to filing an incomplete return. Filling business code (box) incompletely means

· not indicating a business code in the box, or

· indicating a business code that is not provided by the IRB.