Latest news with #InlandRevenueBoardofMalaysia
Borneo Post
29-05-2025
- Business
- Borneo Post
HASiL, DBKK strengthen tax compliance through Inactive Taxpayer Verification Programme
Dr Abu Tariq (centre), Sabin (third from left) giving their thumbs up to the programme. KOTA KINABALU (May 29): The Inland Revenue Board of Malaysia (HASiL) has reaffirmed its commitment to national tax governance through strategic collaboration with Kota Kinabalu City Hall (DBKK) via the 2025 Verification Visit Programme for Inactive Taxpayers (PCTA). Held from May 26 to 29, the integrated initiative aims to boost tax compliance, expand the tax base, and enhance inter-agency synergy to support effective national governance, HASiL said in a statement today. The programme focused on verifying the status of inactive taxpayers, particularly business licence holders operating at Anjung Kinabalu, Anjung Senja, and the SAFMA Night Market. It seeks to pave the way for the reactivation of tax files for those found to still be conducting business activities. A total of 23 HASiL officers from Kota Kinabalu, Keningau, and Labuan, along with 35 DBKK personnel, took part in the operation. Based on detailed data matching, 380 inactive taxpayers were identified as still actively running businesses in the designated areas. The programme concluded with a ceremony officiated by HASiL Chief Executive Officer Datuk Dr Abu Tariq Jamaluddin at Horizon Hotel today. Also present were Kota Kinabalu Mayor Dato' Sri Dr Haji Sabin Samitah, HASiL Deputy CEO (Special Branch) Ahmad Khairuddin Abdullah, Sabah HASiL Director Datin Dayang Halimah Awang Ahmad, and senior management from both agencies. In his speech, Dr Abu Tariq highlighted that effective tax compliance strategies go beyond enforcement, relying instead on inter-agency collaboration and structured information sharing. He credited the sharing of business licence data by DBKK as a crucial element in the operation's success. Dr Abu Tariq expressed hope that such strategic partnerships would be strengthened and expanded nationwide, serving as a model for best practices in integrated revenue management aligned with Malaysia's sustainable development goals. Echoing this sentiment, Dr Sabin emphasized that continued collaboration between Federal agencies and local authorities is vital for achieving shared objectives and ensuring the sustainability of national revenue.
The Sun
26-05-2025
- Business
- The Sun
Xero survey reveals Malaysian SMEs need support, guidance on e-invoicing adoption
PETALING JAYA: As Malaysia progresses with the phased rollout of its nationwide e-invoicing mandate, a new white paper by global small business platform Xero reveals that the country's SMEs need support and guidance to help them understand and build capability ahead of implementation deadlines. The Inland Revenue Board of Malaysia mandates that businesses must fully transition to e-invoicing by specific dates – July 1, 2025 for businesses with annual revenues more than RM500,000 but less than RM25 million, and Jan 1, 2026 for businesses with revenues between RM150,000 and RM500,000. The white paper shows that just 30% of them have a full understanding of what e-invoicing entails, and only 31% have fully integrated it in their business operations. Notably, a significant 19% have yet to even begin implementation. Looking at the specific challenges slowing progress, 55% of SMEs identified a lack of clear understanding of the mandate's requirements. This was followed by technical and operational challenges such as having large amounts of data to digitise (49%), concerns about data security and privacy (47%), and limited internal technical expertise (45%). Still, despite these challenges, SMEs are aware of what they ultimately stand to gain from the transition. 69% believe e-invoicing will bring tangible business benefits, with improved recordkeeping (72%), improved efficiency (67%), and better compliance (55%) identified as the most anticipated gains. 'Many business owners understand that change is coming, but they are overwhelmed by complexity, unsure of where to start, and concerned about doing it right,' said Xero Asia managing director Koren Wines. 'The good news is that they acknowledge the benefits e-invoicing offers their businesses, and are open and optimistic to act if the process is made easier.' To assist with faster and easier implementation, SMEs identified step-by-step guides or checklists (70%), support for integration with existing systems and software (59%), as well as recommendations on e-invoicing solutions (53%) as the resources most needed to support them in their transition. The survey revealed that realities of implementation differ even among SMEs, often dictated by their size, resources and goals. 65% of larger SMEs with annual revenues of between RM500,001 and RM25 million say they are confident in their ability to implement e-invoicing, compared to 57% of smaller SMEs Businesses with annual revenues of between RM150,000 and RM500,000. In larger SMEs, e-invoicing is often implemented by dedicated teams comprising more than three employees, or a 'hybrid model' combining both internal teams and external expertise. In contrast, implementation in smaller SMEs is often driven by business owners themselves, or small teams of up to two employees. While both groups pointed to a lack of understanding of the mandate's requirements as their top concern, smaller SMEs identified a lack of time to explore implementation as their second most pressing challenge, while larger SMEs indicated concerns over having large volumes of data to digitise. Both groups recognise the benefits of e-invoicing, with smaller SMEs focused on immediate operational impacts such as better compliance, fewer errors in recordkeeping, and faster payments. In contrast, larger SMEs are focused more generally on improved efficiency across the business. 'The e-invoicing mandate is an opportunity for Malaysia's SMEs to accelerate their digital transformation journeys. With guidance and support from their accountants, bookkeepers and business advisors, they'll be able to not only make sense of requirements and technology required for compliance, but also the tools that will simultaneously enable them to operate more efficiently and productively,' Wines said. 'Particularly for smaller businesses that run on leaner resources, they'll be on the lookout for simple, easy-to-use and cost-effective solutions.' 'Once SMEs are able to bridge that gap and fully implement e-invoicing, they will start to reap rewards for their business, including increased efficiency, better cash flow, and significant time and cost savings,' said Wines.
Barnama
20-05-2025
- Business
- Barnama
IRB-CTIM Forum Roadshow To Address Key Tax Issues And Policy Direction
PUTRAJAYA, May 20 (Bernama) -- The IRB-CTIM Forum Roadshow 2025, jointly organised by the Inland Revenue Board of Malaysia (IRB) and the Chartered Tax Institute of Malaysia (CTIM), is a key platform for engagement among tax practitioners, industry players, agency representatives, corporations, and individuals involved in tax management. It focuses on current issues, policy implementation challenges, and the future direction of Malaysia's tax landscape. In a statement today, IRB said the forum, scheduled to take place across five locations, offers a constructive avenue for dialogue between authorities and industry stakeholders in building a tax ecosystem that is responsive to evolving needs.
BusinessToday
14-05-2025
- Business
- BusinessToday
Non-Business Tax Payers Reminded On The May 15 Deadline
The Inland Revenue Board of Malaysia is reminding taxpayers who do not conduct business that the deadline for submitting their 2024 Income Tax Returns via e-filing is May 15, 2025. This reminder applies to the following categories of taxpayers: Resident individuals NOT carrying on a business (e-BE form) Resident individuals (Knowledge/Expert Workers/Non-Citizens holding key positions) (e-BT form) Non-resident individuals (e-M form) Non-resident individuals (Knowledge Workers) (e-MT form) Organizations (e-TF form) Estates (e-TP form) Partnerships (e-P form) HASiL advises taxpayers to submit their returns and declare their actual income within the stipulated timeframe to avoid any legal action. Taxpayers are also encouraged to provide complete and up-to-date personal and banking information for a smooth tax refund process (if applicable). Failure to submit the Income Tax Return or report actual income within the given period may result in penalties under the Income Tax Act (ACP) 1967. Penalties can range from RM200.00 to RM20,000.00, imprisonment for up to 6 months, or both. Late tax payments may incur a 10% increase on the tax payable. Related
The Sun
14-05-2025
- Business
- The Sun
Submit YA 2024 e-Filing by tomorrow, IRB reminds resident individuals
PUTRAJAYA: The Inland Revenue Board of Malaysia reminded resident individuals not carrying on a business that the e-Filing deadline for the Year of Assessment 2024 (YA 2024) is tomorrow. In a statement today, the IRB said this includes resident individual taxpayers such as knowledge workers, skilled professionals, non-citizens holding key positions and non-resident individuals. Other categories include non-resident individuals (knowledge workers), organisations, estates of deceased persons and Hindu joint families. e-Form submissions can be made via e-Filing through the MyTax portal at or through the official website at > MyTax > Perkhidmatan ezHasil > e-Filing. IRB also reminded taxpayers not to delay and to fulfill their responsibility in accurately reporting all income received via the e-Form and to make the required tax payments within the stipulated period to avoid penalties for late submission, tax increases and legal action. Taxpayers are also advised to provide complete and up-to-date personal and banking information to ensure a smooth tax refund process. The IRB emphasised that failure to submit the Income Tax Return Form and to report actual income within the stipulated period may result in enforcement action under the provisions of the Income Tax Act (ITA) 1967. Under Section 112(1) of the ITA, failure to submit tax return forms or to declare chargeable income may result in a fine of between RM200 and RM20,000, imprisonment for up to six months, or both. Additionally, taxpayers who submit the forms after the deadline may face a 10 percent increase on the payable tax, as per Section 103(3) of the ITA.
