Thursday, November 05, 2009

You'll get your refund within 30 days with e-filing

THE Inland Revenue Board (IRB) will refund overpaid tax within 30 days if taxpayers submit their returns via e-filing, its boss reaffirmed.

If the returns are filed manually, the refund will be made within 90 days, IRB chief executive officer Datuk Hasmah Abdullah said.

"We are continuously upgrading our e-services to make it simpler and faster to file in your returns or pay taxes.

"This will add up to cost savings for the business community," Hasmah said at the 8th Annual Malaysian Tax Conference in Kuala Lumpur yesterday.

She said during difficult times like this, IRB allows taxpayers facing cash flow problem to pay through instalments.

Hasmah said as the building industry and the real property sector particularly the high-end segment picks up, the government felt that they are ready to contribute to the national coffers.

Hence, the reintroduction of the real property gains tax, which had been placed in cold storage since April 1 2007.

"The intention is to widen the tax base to generate revenue for development purposes," she said.

Hasmah explained that the tax on gains from the disposal of real property with collection mechanism similar to withholding taxes should be more convenient and transparent to taxpayers.

The current withholding mechanism, in which the purchaser deducts and pays the tax directly to the IRB, is simple and will enhance compliance, she added.

Source : Business Times