Personal Tax

TAXPAYERS using e-Filing will be getting their refund credited directly into their bank accounts within 30 days after the declaration is made.

Inland Revenue Board (IRB) public relations officer Masrun Maslim said the refund would be made under the electronic fund transfer (EFT) which had shortened the processing time.

“This will be made online and the refund will be credited directly into the taxpayers’ accounts declared in the Income Tax Return Form (ITRF),” he said in a statement yesterday.  Read more ›

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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.  Read more ›

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If you are receiving travelling or entertainment allowances from your company, you don’t need to report it to income tax department (LHDN)!

You can claim your expenses to set-off against the employment income received from your employer and thus reduce the personal tax payable to LHDN.  Read more ›

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Personal tax relief is available for those who have stayed in Malaysia for more than 182 days, regardless of the nationality of that individual.

All individual who do not have any business income in the year of 2011 are required to submit their income tax return (Borang BE) to the nearest Inland Revenue Board (IRB) offices or submit online via e-filing before 30 April 2012.  Read more ›

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With effect from YA 2008, employees are given tax exemption on allowances, benefits in kind and perquisites that received from their employer as follows:

(a) perquisites in relation to travel allowance, petrol card, petrol allowance or any of its combination for travelling between the home and work place up to RM2,400 per year.  Read more ›

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On 16 November 2011, Inland Revenue Board Malaysia issued Public Ruling No 8/2011, “Foreign Nationals Working in Malaysia – Tax Treatment”, which explains the tax treatment of employment income derived by foreign nationals exercising employment in Malaysia.  Read more ›

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30 June 2011 marks the last day of first half year of 2011. Time flies, we are mid way through year 2011.

For businessmen carried out their businesses under sole proprietorship and partnership, they all will have the same annual tax filing deadline by 30 June 2011. All individuals, whether deriving employment income only or business income, are assessed for tax based on calendar year basis, i.e. 1 Jan to 31 Dec.  Read more ›

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30 June 2011 tax filing deadline for Tax Return Form B 2010 and Form P in respect of year of assessment 2010 is approaching with less than a month to go.

Form B is tax return for Malaysian tax resident individuals who are carrying business and deriving business, employment and other income in Malaysia.  Read more ›

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In a press release, Inland Revenue Board Malaysia will continue its Taxpayer Service Month Program until 30 June 2011.

The program is focus on taxpayers who are deriving business income submitting their Form B for year of assessment 2010 and settlement of any tax before or by 30 June 2011, in order to avoid late tax submission penalty and late tax payment levy.  Read more ›

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Customer Service Centre of Inland Revenue Board of Malaysia summarised below the Top 5 most favourite asked questions from  Malaysian taxpayers:-

1. How do I register an Individual income tax reference number?

There are 2 methods of registering an income tax reference number:

i)  You can register manually at the nearest IRBM branch by bringing along a copy of your identification document, remuneration statement and business registration for business cases.  Read more ›

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