Dear salaried people, have you filed your taxes this year?
According to the tax filing schedule released by the Inland Revenue Department of Malaysia (LHDN), salaried individuals who use the e-BE electronic tax filing form need to complete their tax filing before May 15. People who fail to file their taxes within the deadline may be fined.
If you have filed taxes in previous years, it is best for you to continue filing taxes every year in the future. Even if you have not reached the tax payment threshold, it is recommended that you continue to file taxes in the next few years. This will prevent you from getting caught by the Inland Revenue Board and asking you to explain why you didn’t file a tax return.
If you’re planning to buy a fancy car or buy a property, it’s a good idea to file your taxes. This way you can prove your source of income without getting a letter from the Inland Revenue Board asking you to explain your source of income.
Another benefit of filing a tax return is that it will be easier to get approved when applying for a bank loan. The bank will regard the tax return as one of the documents that can prove the borrower’s income.
After filing your tax return, you must keep all relevant tax return information or receipts so that the Inland Revenue Board can provide evidence when it comes to inquire. All relevant documents should ideally be kept for more than 7 years.
If you are a business person, you need to file your taxes before July 15th.
