20 to 35 percent penalty for late submission of income tax returns
KUALA LUMPUR, Sept 30 (Bernama) -- The Inland Revenue Board (IRB) will impose 20% to 35% penalty on taxpayers for being late or not submitting their annual income tax returns within the stipulated deadline.
IRB chief executive officer Datuk Dr Mohd Shukor Mahfar said the penalty would be charged based on the delay duration between 12 months and 36 months.
"The penalty will not be more than triple the taxable amount," he said in a statement today.
Mohd Shukor said the IRB took a serious view of the mistake made by taxpayers by being late or not submitting the returns at all.
The penalty will be charged under sub-section 112(3) of the Income Tax Act 1967 under a new directive, an amended version of the previous directive to improve compliance for submitting income tax returns on time
The new directive came into force on June 1.
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