Fourth Amendment to the Income Tax Regulation

The Fourth Amendment to the Income Tax Regulation was published in the Government Gazette on 17 May 2022.  While bringing about some notable changes to the rules governing the income tax return filing and payment obligations, the Amendment also brings further clarity to computation of withholding tax and eligibility of refunds specific to certain common scenarios.

This Advisory provides a summary of the following key areas of the Amendment, which may have an impact on taxpayers:

  • Computation of Withholding Taxes based on Provisions
  • Computation of NWHT based on Debit/Credit Notes
  • Mandatory use of MIRAConnect
  • Exemption from Return Filing
  • Computation of taxable income of Permanent Establishment
  • Exempt Charitable Organisations