Home > News > Nation
Sunday April 6, 2014 MYT 12:00:00 AM
Sunday April 6, 2014 MYT 7:32:14 AM
Participants listening to Liow and Lim at The Star’s StarLIVE talk in Menara Star, Petaling Jaya.
PETALING JAYA: It is tax season again and as the word suggests, the filing can be a truly “taxing” time for many people.
With the April 30 deadline approaching, people scrambling to file their taxes at the last minute may result in many cash-saving items being left out or worse, slapped with penalties and fines.
However, according to PwC International Assignment Services Sdn Bhd, filing taxes can be a breeze with proper planning.
“Electronic filing (e-filing) and filing through mobile devices (m-filing) allow you to file any time, anywhere at your convenience,” said its senior manager Lim Phing Phing at The Star’s StarLIVE talk, “Making Tax Less Taxing,” at Menara Star yesterday.
“These days, nearly everyone has a smartphone. So, there is no excuse for not meeting the deadline.”
Lim, who has more than 17 years’ experience in tax and business advisory services, said tax filing could be made easy by keeping all supporting documents in a file for easy reference and random tax audit.
“Try to keep all relevant documents you have from day one. These include receipts for purchase of books and personal computers,” she said, adding that photocopies of original receipts as proof of purchase were allowed.
Those who fell within the middle-income group, she said, were also allowed a “one-time” special tax relief of RM2,000.
“This applies to resident taxpayers earning up to RM8,000 per month or an aggregate income of up to RM96,000 a year. This is only applicable for the 2013 tax assessment year. We’re not sure if it will be extended to 2014.”
PwC International Assignment Services executive director Hilda Liow said taxpayers should ensure their payment was up-to-date.
“Taxpayers are advised to check with the Immigration to see if an order has been invoked by the Inland Revenue Board to prevent them from leaving the country due to unpaid taxes.
“We’ve had clients calling us in the middle of the night, telling us that they are stuck at the airport,” said Liow, who has more than 15 years of experience in expatriate and international assignment services in Britain, Singapore and Malaysia.
Penalties on late filing is calculated on total tax liability and does not take into account payments already made through monthly deductions and tax instalment payments.
A 20% penalty is imposed on late payment made within 12 months, 25% after 12 and within 24 months, 30% after 24 and within 36 months and 35% if it is more than 36 months.
For offences on incorrect reporting, there is a fine of between RM1,000 and RM10,000 and a penalty of 200% (of the amount of tax undercharged).
Failure to remit the balance tax payable by April 30 will also attract 10% penalty and a further 5% after 60 days.
StarLIVE is a monthly free event organised by The Star. Registration is on a first come first served basis.
To register, e-mail email@example.com with name, NRIC number, e-mail and contact number.
Tags / Keywords:
Family Community, tax
Indonesia raises import duties on consumer goods
Thai tax plan can’t spur births
Dr M: Is IRB selective in investigations?
Shopping tax refunds for foreign tourists
40,000 cartons of cigs seized
Wisma Putra looking at other options after Russian veto on MH17
Sabah halts land clearing at habitat of proboscis monkey
Busted over illegal viewing
Dr M refuses to comment on 1MDB
Opposition parties objected to political funding reforms, says Rahman Dahlan
Zahid: Full brunt of law to be used against Sarawak Report
A look at the Indian Muslim community in inner city
Rules for Indonesian learning centres ready
Facebook brings on its drone
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)