The Inland Revenue Board (IRB) is actively issuing best judgment assessments to taxpayers who have not filed their income tax, Real Property Gains Tax, or Capital Gains Tax returns. Failure to file tax returns can result in penalties up to 300% or even imprisonment.
If a best judgment assessment has been issued, you need to compute your actual tax liability and file the necessary tax returns. Not filing any of your tax returns is a serious offence. It can lead to penalties up to 300%, or if the matter is taken to court, there will be penalties and even imprisonment.
Currently, the Inland Revenue Board (IRB) is diligently taking action against errant taxpayers who have not filed their tax returns, and these returns include income tax returns, Real Property Gains Tax returns and Capital Gains Tax returns. Under the Income Tax Act 1967, the IRB is permitted to issue estimated returns or best judgment assessments where the taxpayer has failed to furnish a tax return within the timeframe. This will not prevent the IRB from simultaneously, if needed, taking action against the taxpayer for failing to file the tax return. In case you have not filed your tax returns, you can be assured that you will be issued an assessment within a short time after the due date and best judgment assessments are currently being issued to many such taxpayers. A best judgment assessment for income tax purposes will be issued based on the previous information that is already in the records of the IRB. The information will be from the previous year tax returns or information that has been filed by other parties when the taxpayer purchases or has transactions with third parties. The IRB could also use their internal intelligence and artificial intelligence tools to gather credible information to issue such assessments. Another important source of information could be information on sale and purchase of unlisted shares or real property which will be available to the stamp office since these transactions require the agreements to be adjudicated and stamped. These figures may or may not be entirely correct, and thereafter to get these figures rectified, it will take time, and the tax and penalties must be paid within 30 days
TAX INCOME TAX REAL PROPERTY GAINS TAX CAPITAL GAINS TAX BEST JUDGEMENT ASSESSMENT
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