Dear Members,

 

As the Inland Revenue Department had kindly extended the deadline for filing of M Code returns, the deadline for applying for holding over of Provisional Tax will be very tight.

 

 

Please remember to handle any holdover with your clients as soon as you receive the Tax Assessments.

 

 

We write to remind you about the requirements for holdover as follows:

 

Time Limit for Application of Holding over of Provisional Tax

 

Your application for holding over of provisional tax should be lodged not later than:

•         28 days before the due date for payment of the provisional tax, or

•         14 days after the date of issue of the notice for payment of the provisional tax, whichever is later.

 

If the provisional tax is payable by two instalments and the first instalment has been settled by the due date, an application for holding over of the whole or part of the second instalment may be made subject to the prescribed time limit and grounds for application.  Details about the time limit for applying for holdover of provisional tax can be found in the following link.

 

Frequently asked questions about time limit for applying for holdover of provisional tax

 

 

Best Regards,

LAW, Elizabeth

Taxation Committee Chairman

The Society of Chinese Accountants & Auditors