Are you tax compliant?

In a recent news report, a total of 108 companies in the Klang Valley have been identified for not submitting their tax returns between 2012 and 2014 and these companies will be visited by the Inland Revenue Board (IRB) officers with the purpose of understanding the reason of not submitting the tax returns. According to IRB in these cases, these companies could have either folded or deliberately avoid paying taxes. Tax evaders could face a penalty of up to 300% of what they owed in undisclosed taxes.

Also among the recent amendments to the Income Tax Act 1967, additional penalties can now be imposed on taxpayers who fail to submit tax returns for two years or more and for not providing correct information in the tax return.

Therefore taxpayers need to be aware of their responsibilities and avoid getting penalize.

With such emphasis on tax compliance, let’s for a start be reminded of some of the important dates:

Annual due dates for submission to Inland Revenue Board

Form B/BE (residents) Form M (non-residents) Form P (partnership)	30 April for persons with non-business sources only and 30 June for those with business sources
Form TA/TC (trusts) Form C	Within 7 months from the date following the close of its accounting period

  

You can find more information on income tax compliance in Wolters Kluwer’s Malaysia Master Tax Guide Essential Online. If you wish to out find more, please contact 1800-181-151(Toll Free line ) or email us at mktg@cch.com.my.