The Inland Revenue Board (IRB) has published a public ruling (PR) on “Basis Period for Companies under Liquidation” dated 7 October 2016 (PR No 7/2016), which aims to explain the determination of basis period for companies under liquidation.

The PR covers the determination of the basis period when there is a change of accounting period following the liquidation of the company as well as specific situations (eg change of accounting period prior to YA 2014, the company under liquidation has a few liquidators appointed) and the date of submission of the income tax return form.

Kindly refer to the IRB website for further details.

Source: IRB website, 7 October 2016