Thursday August 2, 2012
Compensation of 2% for taxpayers who get delayed reimbursement
By YUEN MEIKENG
meikeng@thestar.com.my
PETALING JAYA: The Inland Revenue Board (IRB) will pay those who overpaid their income tax 2% for late refunds. However, compensation may be denied if IRB has a strong reason for the delay such as difficulty in processing tax returns because they are incomplete or unsupported.
“The compensation is to be fair to taxpayers and enhance efficiency in tax administration,” said IRB chief executive officer Tan Sri Dr Shukor Mahfar.
“Those who file their income tax returns before the deadline are eligible for the compensation,” he said.
The due date for salaried individuals to file tax returns is April 30 while the deadline for business income earners is June 30.
Companies must file their income tax returns no later than seven months from the expiry of their accounting period.
Dr Shukor added: “The 2% compensation is calculated on a daily basis, 90 days after the due date for e-Filing or 120 days after the due date for manual tax filing.”
It is learnt that some taxpayers received their refunds three years late.
- Full story in The Star today.
- 2014 Budget to be tabled on Oct 25
- Temporary freeze on cyber cafe licences for KL and Labuan
- Penang freak storm: Menara Umno owner given 7 days to submit safety report
- Penang freak storm: Cops get CCTV footage of Jln Macalister in probe to see how Lim Chin Aik died
- Penang: Telok Air Tawar rep Jahara Hamid elected new opposition leader
- Haze: Unhealthy air quality in Pasir Gudang, Larkin Lama, Kota Tinggi, Kemaman
- 15-year-old arrested after ordering five air rifles with brass bullets online
- Zahid: Government to review guidelines for hiring foreign workers to curb abuse, improve work conditions
- PM to head new fiscal policy committee to reduce deficit, increase growth
- Penang freak storm: Architect: force that hit Lim’s car would crush anything
- Penang freak storm: Inquest to be held to certify death of missing hawker
- Penang freak storm: ‘I saw his spirit, he was crying’
- Penang freak storm: Search called off for sake of heritage buildings
- Penang freak storm: Family grieves as search gets called off
- Asean ministers to discuss haze problem
- Malaysia's BiotechCorp raises profile at Montreal World Congress
- 1Malaysia Development Bhd to raise US$1b from floating power assets
- Securities Commission to host PRS exhibition
- Maybank, Tenaga lift KLCI out of the red (Update)
- Mudajaya scouts for regional power plants to boost recurring income
- Astro launches 11 new channels, 5 new packages
- Glove makers buck cautious market
- Fitters advances on venture into renewable energy sector
- AmResearch maintains "Buy" on Sarawak Cable Bhd
- Spain's high-speed trains and abandoned stations
- Affin Research maintains "Buy" call on DiGi, target price RM5.39
- Aeon Credit surges after strong earnings growth
- Google settlement clears way for new Class C stock
- Malaysia's KLCI open down, plantations and banks weigh
- Public Invest Research upgrades Petra Energy to Outperform
- Brutal golf course dooms US Open hopefuls in final round
- Queen’s title will boost Wimbledon bid, says Andy Murray
- Chong Wei misses the days top players bring out the best in him
- Results worldwide
- Malaysia target 30 golds at ASG
- World No. 1 hopes Daren and Wei Feng will step up their game
- Kisona stays focused ahead of Asian Junior Championships
- Spurs on brink of another NBA title
- Clarke: Hard for Warner to retain Test spot
- Costa retains Tour of Switzerland crown
- Justin Rose out-duels Mickelson to capture US Open title
- McIlroy loses his cool and takes it out on club
- Aussie confident his Day will come at a Major
- Mickelson suffers most agonising Open near-miss
- The long wait for 15th Major continues for world No. 1 Woods
- Penang freak storm: Architect: force that hit Lim’s car would crush anything
- Penang freak storm: ‘I saw his spirit, he was crying’
- Penang freak storm: Family grieves as search gets called off
- EPF plans ruling for new contributors
- Penang freak storm: Inquest to be held to certify death of missing hawker
- ‘Arigato’ for Japan’s decision on visas
- Penang freak storm: Search called off for sake of heritage buildings
- Meth head snatch thief in the bag
- Woman slashed by rival meat seller
- Sole survivor of fatal accident discharged from hospital
- ‘Arigato’ for Japan’s decision on visas
- Penang freak storm: ‘I saw his spirit, he was crying’
- EPF plans ruling for new contributors
- Penang freak storm: Architect: force that hit Lim’s car would crush anything
- 15-year-old arrested after ordering five air rifles with brass bullets online
- Blue form route to AirAsia X IPO
- Hartalega to emerge as industry game-changer
- Address food hygiene issue seriously, says Chua
- Zahid: Government to review guidelines for hiring foreign workers to curb abuse, improve work conditions
- Tune Hotels aims for listing on Bursa in 2015
RSS
