On 25 March 2020, the Ministry of Finance announced that the deadlines for submitting CIT-8 returns by corporate taxpayers and paying the corporate tax due for 2019 for all taxpayers are extended until 31 May 2020. For taxpayers that have only tax-exempt income or have revenue consisting of revenue from work for public benefit (at least 80%), the deadline for submitting the return will be extended until 31 July 2020.
In addition, the government also introduced retroactive settlement of tax loss where taxpayers have the ability to deduct losses incurred in 2020 by filing an amended corporate income tax return, and a tax loss incurred in a given year would be deductible from income earned in five consecutive years.
