Tax


Please be remind that, the last date to submit the 2014 individual income tax return form is on the 30th April 2015 for individual without business income. The date for individual with business income is on 30th June 2015.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

To complete tax return form, you may need to have information on tax exemption, rates, reliefs and rebates. if you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

The easiest way to submit tax return form is via e-Filing. You may see the guides on e-Filing at How to do e-Filing for Individual Income Tax Return. e-Filing system for 2014 tax return form up since 1st March 2015.

Which form to fill in?

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TaxTax payment code is a unique number to identify the type of tax payment to be made. Inland Revenue Board (IRB) or Lembaga Hasil Dalam Negeri (LHDN) Malaysia has identify 24 types of tax payments.

Tax payers may need this code while making tax payment through various tax payment options such as payment at the bank counter. While filing up the tax payment from, taxpayers have to specify a few information such as Name of Taxpayer/Employer, Income tax number/Employer number, Identity number and Tax Payment Code.

Details on Tax Payment Code are tabulated in the table below.

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Budget MalaysiaPrime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2015 budgets in the Parliaments on Friday, 10th October 2014. The theme for 2015 Budget “Accelerating Growth, Ensuring Fiscal Sustainability and Prospering the Rakyat.”

In 2015, economic growth is expected to remain strong between 5% and 6% while the fiscal deficit is projected to further decline to 3% of GDP.

The 2015 budget is formulated with focus on the people’s economy and outlines seven main strategies:

First Strategy: Strengthening Economic Growth;

Second Strategy: Enhancing Fiscal Governance;

Third Strategy: Developing Human Capital and Entrepreneurship;

Fourth Strategy: Advancing Bumiputera Agenda;

Fifth Strategy: Upholding Role of Women;

Sixth Strategy: Developing National Youth Transformation Programme; and

Seventh Strategy: Prioritising Well-Being of the Rakyat.

The following are 2014 Budget highlights for Personal Finance and Investment.

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Now it is the time of the year again that we have to prepare and submit individual income tax return form to IRB. The last date to submit the 2013 individual income tax return form is on the 30th April 2014 for individual without business income. The date for individual with business income is on 30th June 2014.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

The easiest way to submit tax return form is via e-Filing. You may see the guides on e-Filing at How to do e-Filing for Individual Income Tax Return. e-Filing system for 2013 tax return form up since 1st March 2014.

Which form to fill in?

Read more →


Prime Minister Datuk Seri Najib Razak, who is also Finance Minister, unveiled 2014 budgets in the Parliaments on Friday 25th October 2013. The 2014 Budget is formulating based on the theme “Strengthening Economic Resilience, Accelerating Transformation And Fulfilling Promises”.

There are five main thrusts in 2014 budget.

First Thrust :- Invigorating Economic Activity

Second Thrust :- Strengthening Fiscal Management

Third Thrust :- Inculcating Excellence in Human Capital

Fourth Thrust :- Intensifying Urban and Rural Development

Fifth Thrust :- Ensuring Well-Being of the Rakyat

The following are 2014 Budget highlights for Personal Finance and Investment.

Read more →