We’ve fixed the issue where the 1st instalment of provisional tax for some customers was being incorrectly calculated after their income tax return had been filed and processed.
From now on, if the return is filed on or before the due date for the 1st instalment of provisional tax, that instalment will be correctly calculated based on that residual income tax (RIT) + 5% / 3.
For customers whose returns have already been filed and processed and the 1st instalment has been incorrectly calculated, please advise them to pay the 1st instalment of their 2024 provisional tax based on the 2023 RIT + 5% / 3.
If you have clients who have had late payment penalties or use of money interest incorrectly applied because of this issue, please send us a web message in myIR so that we can correct their account.