Remember to file your tax returns by deadline!

PETALING JAYA: As the deadline approaches, Malaysians have been reminded to file their returns on time or face penalties by the Inland Revenue Board (LHDN).

Traditionally, taxpayers will have to file their Form BE (for tax residents who only earn employment income and don’t own businesses) by April 30 for manual submissions.

However, due to the April 30 deadline falling on a Sunday, taxpayers who manually file their returns for the 2022 financial year have until May 1 to do so.

For those submitting their returns online via efiling, the deadline is May 15.

The May 15 deadline is due to the 15-day grace period for submissions via efiling.

Meanwhile, residents who are running businesses will have a June 30 deadline to submit their returns via Form B or Form e-B.

The Form B submission will also have to be filed by individuals who are earning employment income and carrying on with a business at the same time.

The penalty for late filing is 10% on the balance of unpaid taxes after the deadline to file tax returns.

If the income tax and penalty is not paid within 60 days, another penalty of 5% will be imposed on the amount owed.

Under the Income Tax Act 1967, failure without reasonable excuse to furnish income tax returns will result in a fine between RM200 and RM20,000, or jail time of not exceeding six months, or both.

Malaysians can submit their online tax returns via https://mytax.hasil.gov.my/