e-Tax filing YA2013

Deadline e-Tax filing for Year of Assessment 2013 for Borang BE is today, 15 May 2013 although the manual (hardcopy) filing has lapsed on 30 April 2013. These two deadlines are however for individuals who do not have business income. For those carrying a business income, namely sole-proprietor or partnership, the deadline is 30 June 2013.

Penalty for late filling : The Inland Revenue Board is to impose penalties ranging from 20% to 35% of gross tax payable (before deduction of the tax paid by the employer and/or tax instalments) for the late filing of tax returns. Failure to remit the balance of tax payable by the due date will also attract another penalty of 10%. For any balance unpaid after 60 days, a further 5% penalty will be imposed. Hence, a gentle reminder to all tax payers, file in your tax return on time and make payments to IRD on time to avoid unnecessary imposition of penalties.

We can help on timely preparation of accounting records and filing of tax returns for individuals having both Borang BE or Borang B. Contact us to learn more about your employment and/or business and its activities and assess if there were any tax planning opportunity for you. Save taxes!