[Notable points on risks of Corporate Income Tax and Transfer Pricing for Enterprises with fiscal year ending 31 December]

Risks of Corporate Income Tax (“CIT”)

Recently, many Enterprises have received notifications of outstanding tax liabilities, fines and associated penalties issued by the Division of Tax Debt Management and Enforcement of the local tax authority.

In some cases, tax debts were arisen due to error of the tax authority’s system during the data conversion which resulted in the incorrect records of tax balances.

In some other cases, tax debts could arise if the total provisional CIT payment made during a tax period was less than the annual CIT finalised amount by 20% or more, consequently penalties will be imposed on these differences.

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