Avoid penalties, LHDN asks taxpayers to submit form B

elakpenalti

elakpenalti

 

Avoid penalties, LHDN asks taxpayers to submit form B

Inland Revenue Board (IRB) urges individual taxpayers who have income from business to submit Form B Year of Assessment 2016 to avoid late penalties. The Income Tax Return Form (BNCP) is imposed on them.

In a statement today, the IRB said the deadline for submitting Form B Year of Assessment 2016 pursuant to subsection 77 (1) (a) was on June 30 but to facilitate taxpayers, additional time was granted until July 15 for them to submit the form via eFiling . This means that they have only five days to submit Form B and further explain all income tax payable for the Year of Assessment 2016, he said.

He said pursuant to subsection 112 (3) of the Income Tax Act 1967, the failure to submit BNCP within the allowed period is an offense and liable to a penalty of three times the amount of tax assessed. According to IRB, until June 30, it received 336,382 Form B Year of Assessment 2016 compared to 334,572 Form B Year of Assessment 2015 in the same period.

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