A productive and fruitful workshop was successfully held in finalizing a business concern that was raised by the industry whereby construction companies are required to recognize profit for tax upon the issuance of Certificate of Practical Completion (CPC) when the cost to mend defects has not yet been finalized.

After consideration of all the concerns raised in the workshop, 2 recommendations were proposed to Ministry of Finance (MOF); to defer tax recognition to 12 months after CPC; and to provide more clarity in IRBM Public Ruling by including examples. MOF decision is awaited.