Companies and Partnerships in the liquidation process will be exempted from filing BPT Return

Companies and partnerships who commences the process of liquidation and notifies the Registrar of Companies of such process by 15 October 2012 shall be exempt from filing the Business Profit Tax Return if such company or partnership has not conducted any business activity since 18 July 2011.

 

This decision has been taken to ease the burden on companies and partnerships as under the BPT Act, companies and partnerships have to prepare audited financial statements and incur a huge expense, and because of the enormity of the ensuing fine should these parties fail to file return or pay tax by the deadline.

 

This exemption will only be given to those companies and partnerships that inform MIRA in writing before 15th October 2012 that they have commenced the liquidation process and have notified the Registrar of Companies as such.

16 Sep 12