Malaysia Tax Agency Issues Income Tax Penalties for Certain Late, Non-Filed Returns (Corrected)

The Malaysian Inland Revenue Board Oct. 16 issued guidelines on penalties for late or non-filed general income tax, petroleum income tax, or real property income tax returns. The guidelines explained: 1) deadlines based on assessment periods for entities and individuals, including nonresidents; 2) penalties between 15 percent and 45 percent, depending on the return’s filing date within 24 months of the deadline; and 3) penalties between 25 percent and 45 percent for failure to file a return within 24 months of the deadline. The measures took effect Oct. 1. [Malaysia, Inland Revenue Board, 10/16/19]

Reference:
View Guideline No. 5/2019. ...