Heavier penalty for late tax submission
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Saturday, October 1, 2011
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KUALA LUMPUR: The Inland Revenue Board (IRB) will impose a 20 % to 35% penalty on taxpayers who are late in submitting their annual income tax returns.
IRB chief executive officer Datuk Dr Mohd Shukor Mahfar said the penalty would be charged based on the delay duration of between 12 months and 36 months.
“The penalty will not be more than triple the taxable amount.”
The penalty will be charged under sub-section 112 (3) of the Income Tax Act 1967 under an amended version of the previous directive to improve compliance in submitting income tax returns on time
The new directive came into force on June 1. — Bernama
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Category: Local News , News
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