Review of Assessment through Application for Relief in Malaysia
Review of Assessment through Application for Relief in Malaysia Under what circumstances is a reduced assessment allowed? 1.1 Relief Application for Errors or Mistakes (Section 131 of the Income Tax Act 1967) The taxpayer may apply for relief under section 131 of the ITA in case of an error or mistake in the income tax return. […]
Keep Sufficient Records for 7 Years: The Importance of Record Keeping for Income Tax Purposes
Keep Sufficient Records for 7 Years: The Importance of Record Keeping for Income Tax Purposes Under Income Tax Act 1967, taxpayers are required to keep sufficient records relating to their business or operations income for at least 7 years from the end of the year of assessment. Who is required to keep records ? Every […]
Tax Audit in Malaysia: A Guide for Taxpayers in Malaysia
Tax Audit in Malaysia: A Guide for Taxpayers in Malaysia Taxation is an essential part of the Malaysian economy, and the Inland Revenue Board of Malaysia (IRBM) plays a critical role in ensuring compliance with tax laws and regulations. As part of this responsibility, IRBM carries out tax audits to verify that taxpayers are reporting […]
Navigating the Taxation Assessment Appeal Process in Malaysia: A Guide to Form Q and Form N
Navigating the Taxation Appeal Procedure in Malaysia: A Guide to Form Q and Form N How to Appeal an Assessment / Additional Assessment ? To appeal an assessment made by the IRBM, the taxpayer must submit a Form Q within 30 days after the notice of assessment has been served. Besides, the appeal shall […]
Tax Filing Due Dates and Consequences of Failing to Submit an Income Tax Return in Malaysia
Tax Filing Due Dates and Consequences of Failing to Submit an Income Tax Return in Malaysia In Malaysia, taxpayers are classified into various classes, and each classy has its specific deadline for submitting income tax returns. According to Section 77 and section 77A of the Income Tax Act 1967, every taxable person, shall furnish a […]
Consequences of Incorrect Tax Returns and Late Payments in Malaysia
Consequences of Incorrect Tax Returns and Late Payments in Malaysia Filing an income tax return and paying taxes on time are the obligations for every taxpayer. Failure to comply with these requirements can lead to various penalties and fines. What are the consequences if I file an incorrect tax return to Inland Revenue Board Malaysia […]
Responsibility of an Employer in Malaysia
Responsibility of an employer in Malaysia In Malaysia, an employer would have different obligations under: 1. Employment Act 1955 2. Industrial Relations Act 1967, Sarawak or Sabah Labour Ordinance 3. Employees’ Social Security Act 1969 4. Employees Provident Fund Act 1991 5. Employment Insurance System Act 2017 6. Income Tax Act 1967 7. Human Resource […]
2% Withholding Tax on Commission for Agent, Dealer and Distributor
History and Background of 2% Withholding Tax In accordance with Section 83A of the Income Tax Act 1967 (ITA), Every Company is required to prepare and provide a prescribed form (Form CP58) to its agents, dealers, or distributors pertaining to particulars of commission payments regardless of whether in monetary or in kind. The Form must […]
TaxLetter 32
Download PDF version : HERE PEMERKASA Stimulus Package On 17 March 2021, the Malaysian Government unveiled a new economic recovery program, named Program Strategik Memperkasa Rakyat dan Ekonomi (Strategic Programmes to Empower the People and Economy) or PEMERKASA. The stimulus package is worth RM20 billion. The key highlights of the key initiatives are as follows:- […]
Additional Lifestyle Relief for YA 2020 and 2021 (Personal Income Tax)
[vc_row][vc_column width=”1/2″][vc_column_text] ⚓ Additional Lifestyle Relief for Smart Phone, Tablet, and Personal Computers: Unclaimed amount transferrable? In order to curb the pandemic, the Malaysian government has introduced an additional lifestyle relief for Smart Phone, Tablet and Personel Computers. Effective Year of Assessment 2020 and Year of Assessment 2021, there are 2 types of lifestyle reliefs […]
