Tax


Now it is the time of the year again that we have to prepare and submit individual income tax return form to IRB. The last date to submit the 2013 individual income tax return form is on the 30th April 2014 for individual without business income. The date for individual with business income is on 30th June 2014.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

The easiest way to submit tax return form is via e-Filing. You may see the guides on e-Filing at How to do e-Filing for Individual Income Tax Return. e-Filing system for 2013 tax return form up since 1st March 2014.

Which form to fill in?

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GSTRecently, the Malay Mail Online published on their website about a just-released public opinion survey carried out this month by independent pollster Merdeka Center, 55 per cent of the 1,005 respondents said that they did not understand how the GST worked. Out of the total, 20 per cent of Malaysians said they know nothing about the GST, while 35 per cent said they do not know very much.

On January 2014, there will be a FREE online seminar to share the practical tips about GST implementation and application in both English & Mandarin. Registration page is at http://foundermethod.com/gst-training-malaysia

There are many GST workshops or sessions conducted by accounting firms that are highlighting this issue. However, this online seminar is specially cater for people who are time pressed or geographically isolated to attend physical seminars.

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Prime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2014 budgets in the Parliaments on Friday 25th October 2013. The 2014 Budget is formulating based on the theme “Strengthening Economic Resilience, Accelerating Transformation And Fulfilling Promises”.

There are five main thrusts in 2014 budget.

First Thrust :- Invigorating Economic Activity

Second Thrust :- Strengthening Fiscal Management

Third Thrust :- Inculcating Excellence in Human Capital

Fourth Thrust :- Intensifying Urban and Rural Development

Fifth Thrust :- Ensuring Well-Being of the Rakyat

The following are 2014 Budget highlights for Personal Finance and Investment.

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For employed individual taxpayer who does not receive business income, the dateline to submit tax form is on 30th April 2013. Similar to last year, IRB is kind enough to extend the dateline by another 2 weeks until 15th May 2013.

Kindly take note that the extension is only applicable to taxpayers who opt to submit the form e-Filing. So, the taxpayers who choose to submit their forms and pay taxes via conventional method, the dateline remain on 30th April 2013.

The extension was to encourage more taxpayers to use the easier and faster electronic system.

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Similar to previous years, this is the time where we have to prepare and submit individual income tax return form to IRB. For 2012, the last date to submit the individual income tax return form is on the 30th April 2013 for individual without business income. The date for individual with business income is on 30th June 2013.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

Which form to fill in?

Read more →