After the audit work, the audit officer will prepare an audit results report for endorsement by the Branch Audit Manager. Under the certain situation, the taxpayer is needed to come at the IRBM’s office for a talk on the proposed tax adjustments with the audit officer, together with at least one senior audit officer.
The taxpayer, without being called by the IRBM, may come at IRBM’s office to seek the explanation about the progress of the audit process or to give more information to advance the settlement of the audit. The taxpayer will be up-to-date of the audit answers which will cover audit issues raised, reasons and rationale.
If tax adjustments have to be made, a notification with details of proposed tax adjustments will be issued. The taxpayer will be given the chance to state his opinions and give justifications on the audit findings and the proposed tax adjustments forwarded. …show more content…
Additional information and copies of evidence should be provided.
If no objection is made within 21 days from the date of notification of proposed tax adjustments, the taxpayer shall be considered to have agreed to the proposed tax adjustments or where an objection is found to have no basis in accordance with the provisions of the ITA, the taxpayer will be informed accordingly.
The time frame for settlement of a tax audit should be 4 months (120 calendar days) from the commencement of the audit. IRBM will inform the taxpayer on the progress of the audit in the event that the case needs more than 4 months to settle. Once the audit case is settled, the audit should not be repeated on the same issues for the same year of assessment. However, if there are new issues to be pursued or new information is received, an audit can be repeated for the same year of
The taxpayer, without being called by the IRBM, may come at IRBM’s office to seek the explanation about the progress of the audit process or to give more information to advance the settlement of the audit. The taxpayer will be up-to-date of the audit answers which will cover audit issues raised, reasons and rationale.
If tax adjustments have to be made, a notification with details of proposed tax adjustments will be issued. The taxpayer will be given the chance to state his opinions and give justifications on the audit findings and the proposed tax adjustments forwarded. …show more content…
Additional information and copies of evidence should be provided.
If no objection is made within 21 days from the date of notification of proposed tax adjustments, the taxpayer shall be considered to have agreed to the proposed tax adjustments or where an objection is found to have no basis in accordance with the provisions of the ITA, the taxpayer will be informed accordingly.
The time frame for settlement of a tax audit should be 4 months (120 calendar days) from the commencement of the audit. IRBM will inform the taxpayer on the progress of the audit in the event that the case needs more than 4 months to settle. Once the audit case is settled, the audit should not be repeated on the same issues for the same year of assessment. However, if there are new issues to be pursued or new information is received, an audit can be repeated for the same year of