Chamber asks for more time
Published on: Tuesday, August 20, 2019
By: Sohan Das
LABUAN: The Labuan Chinese Chamber of Commerce has appealed to the Ministry of Finance to provide an extended deadline in submitting field audit reports to the Inland Revenue Board (IRB).
This was a proposal made in the memorandum which the chamber recently gave to Finance Minister Lim Guan Eng during his visit, here.
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Chamber Chairman Datuk Wong Kii Yii said: “The IRB empowered to ask any company to submit the audit reports/statements for the past four or more years and the submissions should be made within 14 days or upon appeal within 30 days, this short notice imposes problems to companies as they would have to delve into old accounts and prepare the required returns.”
Wong said the matter should be reviewed as most companies were busy with their on-going business and adding to this, it was stated that the returns should be made within 14 days, at times the IRB notice is received late by a few days meaning less than 14 days remained for this action.
“At least 30 or more days to be provide for the companies to tackle the unexpected tasks and prepare the proper report and no penalties imposed for the delayed submission,” said Wong.
He also said that consideration should be shown to companies or individuals which had a good track record with the IRB in settlement of taxable income and submission of returns.
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“The business community would certainly appreciate the business-friendly approach of the department.”
On another matter, the chamber proposed the LCCC be approved as an agent for Chinese NGOs such as temples and schools on the island to seek for tax exemptions from donations to their organisations.
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