Wilful Tax Evasion in Malaysia: Understanding the Consequences
Wilful Tax Evasion in Malaysia: Understanding the Consequences According to Section 114(1A) of the Income Tax Act 1967, wilful evasion of tax means any action or deed deliberately performed or done with the purpose or intention of evading or assisting any other person to evade tax. The term “evasion” is defined as the action of […]
Amendment of Self-Assessed Return in Malaysia
Amendment of Self-Assessed Return [Section 103(1A)] After submitting my tax return to the Inland Revenue Board Malaysia (IRBM), am I able to make any amendments to it? – The taxpayer is allowed to make self amendment on information or assessment in the Income Tax Return Form (ITRF) submitted to IRBM on time by submitting an […]
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 […]
Responsibility of a taxpayer in Malaysia
Responsibility of a taxpayer in Malaysia Responsibility of a taxpayer- In Malaysia, tax liability is imposed on individuals, companies and other business entities that generate income in Malaysia. Generally, different tax rates and rules may vary depending on the type of taxpayer. Hence, different type of taxpayer would have different responsibility. What is the responsibility of […]
