Saturday, March 31, 2012

Malaysian E-filing: May 15 is the later deadline

PETALING JAYA: Taxpayers who choose to submit their forms and pay taxes via e-filing will now have up to May 15 to do so.

According to a posting on the Inland Revenue Board (IRB), the 15-day grace period was also extended to those who had their own businesses, which would allow them to submit and pay via e-filing by July 15.

Previously, the deadline was April 30 for individual taxpayers submitting their Form BE and June 30 for those with their own businesses.

However, the deadlines stay for those who are paying through the conventional method.

An IRB spokesman said the grace period was to encourage taxpayers to utilise the e-filing system.

“The original deadlines still stand. We hope taxpayers will still meet those deadlines and not pay at the very last minute. The earlier you submit your income tax return forms, the sooner we can process your refunds,” he said.

It had been reported that IRB imposed a 20% to 35% penalty on taxpayers for late submission of their returns. The penalty will be charged under Section 112 (3) of the Income Tax Act 1967.

Some 2.5 million Malaysians are expected to submit their taxes through the e-filing system this year.

*Taken from The Star Online
*For Malaysian e-filing website, click here.

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