Income Tax e-Filing Begins March 1
It’s tax season again. Taxpayers can file their income tax assessment via e-filing from March 1.
The Income Tax Return Form and the tax must be submitted within the stipulated period to avoid late penalty or late payment charges, said the Inland Revenue Board (IRB).
“IRB would also like to remind all taxpayers to declare their income tax information correctly. All income received in 2016 from taxable sources such as employment, tuition classes, businesses, commissions, direct sales, rent, royalties and other income as stated under Section 4 and Section 4A of the Income Tax Act must be declared,” the IRB added.
The submission deadline for individuals who do not conduct business, using BE form, is on April 30. Employers using E form, on the other hand, must submit their return form as late as March 31.
The latest take-up rate for e-filing provided by IRB chief executive officer Datuk Sabin Samitah was only 51.7%.
That’s 229,393 out of 443,418 employers submitted their E form electronically.
“We expect to see an increase in this figure, especially after the amendment in tax law which makes it mandatory for employers which are companies to submit the E form electronically,” said Sabin in an article published by The Star.
A total of RM114.015 billion was collected by IRB last year, which made 52.51% of the overall government revenue for the year.
“I implore you to give us the correct data. If you are a business entity, please use the right business code. If you are an individual, claim the genuine and correct amount of relief,” Sabin said.