PTL received a notice of estimated assessment for the year of assessment 2023, dated 1 March 2022 showing a tax payable figure of $10,000. The notice was issued by the Inland Revenue Authority of Singapore (IRAS) because the company has yet to finalise its audit for the financial year 2022, and therefore has not filed its year of assessment 2023 return and tax computation. The company is certain that the tax payable figure of $10,000 is excessive because it was in a tax loss position in the financial year 2022