Movement Control Order Updates to the Inland Revenue Board’s Announcements (Dated 10 April 2020)
- Real Property Gain Tax (RPGT)
Our Prime Minister Tan Sri Muhyiddin Yassin had announced on 10 April, 2020 that the Movement Control Order (MCO) will be extended by another two weeks, from April 15 to April 28, to curb the spread of Covid-19.
In response to the extension of the MCO, the Inland Revenue Board of Malaysia (IRBM) has updated their ‘Frequently Asked Questions (FAQ) On Tax Matters During The Movement Control Order Period’ (Updated on 10 April 2020) to cover the period extended under the MCO.
This alert highlights the changes to the FAQ as compared to the earlier FAQ which was updated by the IRBM on 3 April 2020.
Remarks by the IRB
Please refer to the 2020 Return Form Filing Programme (Amendment 2 / 2020) as per link below:
i. CbCR report for submission due on 31 March 2020. Extension of time until 15 May 2020.
ii. CbCR report for submission due on 30 April 2020. Extension of time until 31 May 2020
b) Constituent entities in Malaysia responsible for the submission of CbCR notification will be given an extension of time as follows:-
i. CbCR notification for submission due on 31 March 2020. Extension of time until 31 May 2020.
ii. CbCR notification for submission due on 30 April 2020. Extension of time until 31 May 2020.
Example of scenario:
Accounting period / basis period for a Labuan entity is 01/01/2020 – 31/12/2020. The due date for submission of Form LE3 for Year of Assessment 2020 is on 31/03/2020.
Extension of time will be given until 31 May 2020 for the submission of Form LE3 for Year of Assessment 2020.
a) Due date for submission of completed Borang 1 (New Project/Extension Project) which ends on 31 March 2020. Extension of time will be given until 30 June 2020.
b) Due date for submission of completed Borang 1 (New Project/Extension Project) which ends on 30 April 2020. Extension of time will be given until 30 June 2020.
Extension of time will be given until 31 May 2020.
Extension of time of up to 31 May 2020 will be given to submit forms and make tax payments.
Payment of withholding tax which falls between 18 March 2020 to 28 April 2020 can be made beginning 1 April 2020 up to 31 May 2020.
Payment can also be made through telegraphic transfer (TT) by furnishing complete payment details to IRBM through fax at 03-6201 9637 or through e-mail at: HelpTTpayment@hasil.gov.my
For the submission of RPGT return forms and payment of RPGT (section 21B or payment of notice of assessment) where the due date falls within 18 March to 30 April 2020, the deadline for filing of the forms and payment is 30 April 2020.