The KWSP has implemented the Tax Identification Number (TIN) since January 1st. It is necessary to have a TIN when conducting property transactions and paying stamp taxes on properties, stocks, and businesses.
According to the information issued by the LHDN, individuals and companies must have a TIN when selling and buying shares in properties and industrial companies, and they are also required to pay stamp duty on the transfer of properties, stocks, and business documents. This standard applies to individuals and companies.
Taxpayers who already have an income tax number do not need to apply for another TIN. The income tax number will become the TIN. Those individuals who have income and are not eligible for tax payment are also required to submit income tax forms.
Full-time students who are over 18 years old are only required to file taxes if they comply with the income tax statutes. As for retirees, they only need to file tax returns if they comply with the income tax statutes.
When the Minister of Finance, announced the 2022 budget on November 29, he mentioned that the government will implement the TIN standard from 2022. The so-called Tax Identification Number or TIN is used to identify personal taxes, which will effectively solve the problem of tax evasion and tax evasion!
