KUALA LUMPUR: The Inland Revenue Board (IRB) has received a total of 229,613 Form B’s through e-Filing as at June 14, 2023, with a tax value of RM1.21 billion.
The due date for submission of Form B, which is the income tax return form for individuals with a business income, is June 30, 2023.
Large Tax Payer Branch director Kamarudin Hashim said the amount is still low compared to the total of 777,579 form B’s, with tax worth RM5.56 billion, received in 2022 for the assessment year 2021.
“This is due to the fact that there are still many who opt to pay their taxes nearing the end of the deadline,” he said during Bernama TV’s talk show programme “Ruang Bicara” entitled “Taxation on individual business income” here.
The awareness of paying taxes in the Individual Business Income category is still low compared to individuals in the Employment Income and Corporate Companies categories, Kamarudin noted.
These people include those involved in retail businesses, direct sales, livestock, stalls, law firms, writers, singers, YouTubers and social media influencers, among others.
He cautioned that taxpayers who fail to make an assessment within the prescribed period can be penalised up to 300 per cent of the amount of tax that has been interpreted, while those who fail to report accurate income can be penalised up to 100 per cent.
He said the IRB is now actively engaging with those in the Individual Business Income category to increase their tax awareness. – BERNAMA
