Extension Of Tax Filing Deadline Malaysia 2023
What is Tax Filing Deadline?
Tax filing deadline is the date by which individuals or companies are required to submit their tax returns to the Inland Revenue Board of Malaysia (IRBM). It is an important date for both taxpayers and the IRBM as failure to comply with this deadline can result in a penalty that must be paid. Individuals or companies must file their taxes by the due date to avoid any fines or other repercussions.
Why is Tax Filing Deadline Important?
Tax filing deadline is important because it is the legal requirement under the Malaysian taxation system. Failure to file taxes on time will result in the taxpayer being liable for any penalties or other legal action that the IRBM may take. Additionally, taxes are used to fund the government’s operations and services, and filing taxes on time helps to ensure that the government has the necessary funds to provide these services.
Extension of Tax Filing Deadline in Malaysia 2023
The Malaysian government has recently announced an extension of the tax filing deadline for 2023. This extension was put in place in order to provide taxpayers with more time to file their taxes in order to reduce their financial burden. The extension will also help to ensure that the government has the necessary funds to continue providing its services and operations to the Malaysian people.
The extension of the tax filing deadline will be from the 1st April 2023 to the 15th June 2023. This gives taxpayers a further two months to complete their tax filings and submit them to the IRBM. Taxpayers who are unable to submit their returns by the extended deadline may be liable for a penalty, so it is important to make sure that you submit your taxes as soon as possible.
How to File Your Tax Returns?
Filing your tax returns is relatively straightforward. Individuals or companies should first register for the e-Filing service with the IRBM, after which they can begin to file their taxes online. The e-Filing service is free to use and allows for taxpayers to submit their tax returns quickly and easily. For those who are not comfortable with filing their taxes online, they can also file their taxes via a manual process.
The manual process involves submitting the relevant tax forms to the IRBM's office in person. Taxpayers should make sure that they have all the necessary information and documents ready before they submit the forms, as any errors or omissions can lead to delays in the processing of their returns. Additionally, taxpayers should keep copies of any documents they submit in case they are needed for future reference.
Penalties for Late Tax Filing
Taxpayers who fail to submit their taxes by the due date may be liable for a penalty. The penalty amount will depend on the amount of taxes due, as well as the length of time the taxes remain unpaid. Taxpayers may also be liable for other legal action if they fail to comply with the tax filing deadline.
The IRBM also has the ability to waive the penalty for taxpayers who can demonstrate that they had genuine reasons for not being able to file their taxes on time. Taxpayers should contact the IRBM as soon as possible if they are unable to submit their taxes by the due date in order to discuss the possibility of having the penalty waived.
The extension of the tax filing deadline in Malaysia 2023 is a welcome move by the government, as it will give taxpayers more time to file their taxes and reduce their financial burden. However, taxpayers must make sure that they submit their taxes on time in order to avoid any penalties or other legal action. Additionally, taxpayers should familiarise themselves with the manual filing process and the penalties for late filing in order to ensure that they comply with the tax filing deadline.