Saturday, October 01, 2011

New Late Submission Penalty Rate (Effective on 1 June 2011)

The Inland Revenue Board will impose a penalty of up to 35% of the tax payable on a late filing of tax return.

The penalty for late filing as follows:-


Duration
Rates on tax payable
< 12 months
20%
12 - 24 months
25%
24 - 36 months
30%
> 36 months
35%

Note : Taxpayer must file their return and pay their tax by the due date to avoid heavy penalty charges. 

Sources : Sinchew