Submit Form B by July 15 to avoid penalty, says IRBM

The Inland Revenue Board of Malaysia (IRBM) today reminded taxpayers, who have business income, to submit their Income Tax Return Form (Form B) for Year of Assessment 2016, via e-filing, by July 15, to avoid incurring a penalty for late submission.

In a statement today, IRBM said only five days were left for taxpayers to submit their returns.

Under sub-section 77(1a) of the Income Tax Act 1967, the deadline for submitting Form B for Year Of Assessment 2016 was June 30, 2017. However, this was extended to July 15 for the convenience of taxpayers.

The statement also said under sub-section 112(3) of the Act, a penalty of three times the tax payable would be levied for late submissions.

As of June 30, 2017, the IRBM had received 336,382 Form B for the Year of Assessment 2016 compared with 334,572 such forms submitted in the same period in 2016.

-- BERNAMA