Have you filed your tax return yet?
According to the tax filing schedule issued by the Inland Revenue Department of Malaysia (LHDN), salaried employees who use the e-BE tax filing form need to complete their tax returns by May 15. People who do not complete their tax returns by the deadline may be subject to a penalty.
If you have filed tax returns in previous years, it is best if you can continue to do so every year going forward. Even if you have not yet reached the tax payment threshold, it is recommended here that you continue to file tax returns for the next few years. This will prevent you from being targeted by the Inland Revenue Department and being asked to explain why you did not file a tax return.
If you plan to buy a fancy car or property, it is a good idea to file a tax return. This will allow you to prove your source of income without receiving a letter from the Inland Revenue asking for an explanation of your source of income.
It is important to keep all relevant documents or receipts after filing your tax return so that the Inland Revenue can produce evidence in case of an inquiry. It is advisable to keep all relevant documents for more than 7 years.
