KUALA LUMPUR, Nov 11 — Failing to pay CP500 tax instalments will not result in an overseas travel ban for taxpayers, as the notice does not constitute a final tax assessment, Parliament was told today.
Deputy Finance Minister Liew Chin Tong told the Dewan Rakyat that a taxpayer’s actual tax liability can only be determined once the Income Tax Return Form (better known in Malay as Borang Nyata Cukai Pendapatan or BNCP for short) is submitted for the relevant assessment year.
“Failure to settle CP500 instalments does not result in taxpayers being subjected to an overseas travel ban, as CP500 is not a final tax assessment,” Liew said during Question Time.
“Based on the BNCP submitted, the actual amount of tax payable will be recalculated by deducting any CP500 instalment payments that have been made,” he added, citing official tax provisions.
