Subsequent to the extension of Movement Control Order (“MCO”) period to 12 May 2020, the Inland Revenue Board (“IRB”) has updated its Frequently Asked Question (“FAQ”) on 28 April 2020 to provide clarification on the tax matters during the MCO period from 18 March 2020 to 12 May 2020.
The key changes to the updated FAQs are highlighted below:
Meanwhile, the IRB has issued a Media Release on 26 March 2020 to shed light on the announcement made by the government in relation to the deductibility of the contributions made to the COVID-19 Fund. Further, the Ministry of Finance (MOF) has also issued a Special Guideline on Application for Tax Deduction on Contributions to a Charity or Community Project to handle COVID-19 Outbreak.
Please find below the relevant links for further details:
Exclusive Tax Handbook
COVID-19: Crowe Tax Planning Handbook For Businesses