Completion of Profits Tax Return
I have discovered some errors / omissions in the Profits Tax return submitted to the Inland Revenue Department and I have not yet received the notice of assessment. How should I correct the errors?
You have to write to the Assessor, quoting the Profits Tax file reference, with copies of the relevant information and documents.
I have received the notice of assessment and discovered some errors / omissions in the Profits Tax return previously submitted to the Inland Revenue Department. What should I do?
If you wish to dispute the assessment, you must lodge a notice of objection in writing stating precisely the grounds of objection within one month after the issue date of the notice of assessment.
If the tax charged is excessive by reason of errors or omissions in the return already submitted, you may apply for revision of assessment within 6 years after the end of the relevant year of assessment or within 6 months after the date on which the relevant notice of assessment was served, whichever is the later. State details of the error or omission and submit sufficient evidence to substantiate the claim.
If the claim is accepted, revised notice of assessment will be issued and the relevant tax will be refunded (if the tax has been paid) or discharged (if the tax has not yet been paid).