Do you know that you are now able to lodge your Real Property Gains Tax (RPGT) returns via e-filing? e-Lodgement of RPGT Forms 1A (disposal of real property) and 2A (acquisition of real property) is available with effect from 15 March 2013. However, this e-Lodgement facility is only restricted to acquisition and disposal of real property by an individual on or after 1 January 2013, and is not applicable to acquisition and disposal by a company. You are also not able to use this facility for lodgement of acquisition and disposal of shares in a real property company.
First things first though; you would (if you have not done so) have to apply for a Pin No. from through the IRB’s e-filing portal.
The introduction of the e-lodgement facility of RPGT returns is part of the IRB’s move to introduce self-assessment of Real Property Gains Tax. The relevant laws would ahve be amended in due course to allow for the change.
The e-lodgement facility would reduce computation errors in a RPGT return as the RPGT computation will be automated. It is also hoped that through the self-assessment of RPGT, this will also expedite the refund process of any excess of the 2% of the value of consideration which had been deducted by the acquirer and remitted to the IRB.
Do check out the IRB’s e-filiing portal for lodgement of RPGT Returns via e-filing, here.
In addition to the above, the Inland Revenue Board (IRB) has also made available e-filling of the following forms.
1) RPGT Return Forms
- Form RPGT 1A (disposal of real property);
- Form RPGT 1B (disposal of shares in real property companies) and
- Form RPGT 2A (acquisition of real property & shares in real property companies).
Instead of using the manual forms, a taxpayer may complete the form electronically, print out the form for signature and then submit the hardcopy to the IRB.
