16 August 2023
The 1st instalment of 2024 provisional tax is not being calculated correctly for some taxpayers whose 2023 income tax returns have been filed and processed.
The instalment is being calculated based on the 2022 residual income tax (RIT) + 10% / 3.
The calculation should be the 2023 RIT + 5% / 3.
We are working on a fix for this issue.
In the meantime, if you have affected clients, please advise them to pay the 1st instalment of their 2024 provisional tax based on the 2023 RIT + 5% / 3.
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Last updated:
16 Aug 2023