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Tax19 Aug 2020

Show me the key IRB tax penalty for Sdn Bhd

Illustration for Show me the key IRB tax penalty for Sdn Bhd

𝐒𝐡𝐨𝐰 𝐦𝐞 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐈𝐑𝐁 𝐭𝐚𝐱 𝐩𝐞𝐧𝐚𝐥𝐭𝐲

㊙️𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐭𝐨 𝐬𝐮𝐛𝐦𝐢𝐭 𝐚 𝐭𝐚𝐱 𝐫𝐞𝐭𝐮𝐫𝐧 𝐅𝐨𝐫𝐦 𝐂 -
Range from 20% to 35% of the tax payable for late filing of tax returns.

㊙️𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐭𝐨 𝐟𝐮𝐫𝐧𝐢𝐬𝐡 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞 𝐨𝐟 𝐭𝐚𝐱 𝐩𝐚𝐲𝐚𝐛𝐥𝐞 𝐛𝐲 𝐂𝐏𝟐𝟎𝟒
Estimate of tax S120(1)(f)
- RM200 to RM20,000
- Imprisonment for a term not exceeding 6 months / Both

㊙️𝐋𝐚𝐭𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐩𝐞𝐧𝐚𝐥𝐭𝐲
- 10% shall be imposed on the amount unpaid without any further notice

㊙️𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐭𝐨 𝐍𝐨𝐭𝐢𝐟𝐲 𝐂𝐡𝐚𝐧𝐠𝐞 𝐢𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐏𝐞𝐫𝐢𝐨𝐝 𝐛𝐲 𝐂𝐏𝟐𝟎𝟒𝐁 S120(1)(i)

Accounting period is shortened after the change of accounting period - 30days before the date of commencement of the new accounting period

Accounting period is lengthened after the change of accounting period - 30days before the date of closing of the original accounting period.

- RM200 to RM20,000
- Imprisonment for a term not exceeding 6 months / Both

㊙️𝐅𝐚𝐢𝐥𝐮𝐫𝐞 (𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐫𝐞𝐚𝐬𝐨𝐧𝐚𝐛𝐥𝐞 𝐞𝐱𝐜𝐮𝐬𝐞) 𝐭𝐨 𝐠𝐢𝐯𝐞 𝐧𝐨𝐭𝐢𝐜𝐞 𝐨𝐧 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐨𝐟 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐰𝐢𝐭𝐡𝐢𝐧 𝟑 𝐦𝐨𝐧𝐭𝐡𝐬 - S120(1)
- RM200 to RM20,000
- Imprisonment for a term not exceeding 6 months / Both

#ktp
#thk
#taxpenalty
#taxpenaltysdnbhd
#irb
#tax

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