📘 REV-03 — TAX SCHEDULE SUBMISSION

Submission of Detailed Tax Computation Schedules

1. Overview

REV-03 — Tax Schedule Submission is used to submit detailed tax computation schedules to the Ministry of Finance and Economy (MOFE), Revenue Division, in support of the company’s income tax filing.

These schedules provide a breakdown of taxable components, deductions, and adjustments used in determining the final tax payable.

2. Legal Requirement

Under the Income Tax Act (Cap. 35):

• Companies may be required to submit supporting tax schedules upon request
• Information submitted must be accurate and consistent with financial statements
• Schedules are reviewed by MOFE for tax assessment and clearance purposes

Incomplete or incorrect schedules may result in queries, reassessment, or delays.

3. Scope of Services

We assist clients with:

• Preparation and review of detailed tax schedules
• Verification of salary details, including LD for foreign workers
• Review of rental income or expense details
• Computation of director remuneration for tax purposes
• Preparation of capital allowance schedules (if applicable)
• Online submission via MOFE Portal
• Follow-up with MOFE during assessment

4. Tax Schedule Submission Process

Data Collection

Collection of financial and payroll-related information

Schedule Preparation

Preparation of detailed tax computation schedules

Verification

Cross-checking with financial statements and tax rules

Online Submission

Submit via MOFE Portal → Tax Schedule Submission

MOFE Review

MOFE reviews schedules for assessment

5. Estimated Timeline

• Timeline depends on data availability and MOFE review
• Additional clarification may be requested by MOFE

6. Documents Required

• Salary details, including LD applicable to foreign workers
• Rental income or expense details
• Director remuneration details
• Audited financial statements (if applicable)
• Capital allowance schedule (if applicable)

7. Frequently Asked Questions (FAQ)

Q1: What is REV-03 used for?
REV-03 is used to submit detailed tax schedules supporting tax computation.

Q2: Are tax schedules mandatory for all companies?
They are required when requested by MOFE or as part of assessment.

Q3: What is LD in salary details?
LD refers to applicable levies or deductions related to foreign workers.

Q4: Are audited accounts mandatory?
Audited accounts are required if applicable; otherwise, unaudited records may be used.

Q5: Is capital allowance always required?
Only if the company claims capital allowances.

Q6: How is the submission made?
Through the MOFE Portal.

Q7: Can this be completed remotely?
Yes. Physical presence is not required.

Q8: What happens after submission?
MOFE reviews the schedules and issues an assessment.

Q9: Will MOFE issue tax clearance after review?
Yes, where applicable, tax clearance may be issued.

Q10: Is tax payment required after assessment?
Yes. Tax payable must be settled based on MOFE’s assessment.

8. Final Stage / Follow-up

• MOFE review and assessment
• Issuance of Tax Assessment or Tax Clearance
• Payment of assessed tax
• Retain assessment and acknowledgment for records