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The “Tax Season” is here, again. There have been some since our last article published in 2012. Our last article (read here) was based on old format of BE Form – a form for resident who does not carry on business in Malaysia. Since then, Inland Revenue Board of Malaysia has came out with a much simplified BE Form. Nevertheless, as usual, taxpayers (employed individuals) have until April 30 to file their tax returns. As compared to our previous article, this article provides guidance for e-filing system. The mapping of items in this article is based on BE Form 2013. So, before you start logging into e-filing system it’s advisable to go to the following sites to print or save a copy: Again, to prevent frustration of not being able to access e-filing system due to heavy internet traffic, it’s advisable not to wait till last minute to perform your duty as a good and obedient citizen (*grin*). But if you don’t mind a fine of between RM200 (min) to RM2,000 (max) or spend some time squatting in prison (not exceeding 6 months), then by all means ignore the submission.

And if you’re thinking of understating your income, it’s better not to submit at all because the fine for such offence is much more serious – fine of between RM1,000 to RM10,000 plus 200% of tax undercharged. hanging egg chair - outdoor rattan wicker - whiteNo matter how you look at it, you can’t run away from a hungry and deep-in-debt government. 1950's formica table and chairs for saleActually you should look forward to this tax season as this is perhaps the only time you can demand money from the government – excess in tax paid.eames chair for sale in south africa Since employers normally pay more in the employees’ monthly tax deduction to the government, (in most cases) government owes employees money. bar chairs for sale gauteng

In fact, government should pay you the excess in tax paid plus “interest”, which you could otherwise earn if you put the money to work in a bank. wooden beach chair with footrestThat’s why it’s always a lose-lose situation for employees.table and chair rental freehold nj Unless you’re doing your own business, chances are you’re paying huge amount of hard earned money to the Inland Revenue Department, in this case Lembaga Hasil Dalam Negeri. parlor chair price in indiaAs an employee, what you can do is to maximize whatever allowable items within the “Part F: Deductions” section when you file your tax return. cafe chairs for sale nsw

The BE Form is quite similar to the e-filing interface upon login so it’s advisable to put those figures on the form before you enter it to the e-filing system.tent and chair rentals houston After successfully login to e-filing, you will land on “e-BE Year of Assessment” page. Basically, there’re four (4) parts or pages in e-filing website namely: We’re not going into details about Part A (Particulars of Individual), Part C (Particulars of Husband / Wife), Part D (Other Particulars – contact and banking information) or Part E (Income of Preceding Years Not Declared) simply because those information do not change much unless you enjoy remarry, shifting home and changing banking accounts every year. Anyway, below is how e-filing looks like upon logging to the first screen. When you’re in first page of e-filing, the only thing you may need to change is “Type of Assessment” – whether to choose “Joint with Spouse” or “Separate”.

Obviously, if your spouse is not working, then you choose “joint” but if both are working, it’s more beneficial to declare separately. That would leave us with Part B and Part F. Take note that by now, you should have received your EA form from your company. The interesting part starts with “Part B: Statutory Income and Total Income” whereby you declare all your incomes. The item “B1 – income from employment” is the most important as this is your annual income, the main part which government uses to tax you monthly. You can get this figure from your EA form, which is your total income for the whole year of last year. If you invest in stock or shares, unit trust and paid dividends during the assessment period, then you’ve to declare it at item “B2 – income from dividends”. Click on the button “HK3” (another screen will appear) and fill in those information about your dividends earned in last year. Most don’t really care about this minor item but do you know that some of your dividends paid may be the amount after “Income Tax at 25%“?

This simply means the government already taxed the max of 25% on your gross dividend, and what you had gotten was a deducted net dividend. In short, , provided your tax bracket is lower than 25%. Although a new rule says all listed companies must pay your tax, some stubborn companies have yet to comply. But if all your dividend vouchers stated “Zero” in income tax column, you can ignore this part. What if you invest in foreign stock market such as the U.S. New York Stock Exchange or Nasdaq? Do you need to pay tax from your overseas capital gains? This statement perhaps will clear the air – “.” In short, you don’t have to pay any tax due to double taxation treaties (*grin*). Next, if you earn income from rentals from houses, shophouses, land, plant, machines, furniture and your hamsters, you’ve to declare it in “B2 – income from rents” . Note that both “B2 – income from dividends” and “B2 – income from rents” are presented as a single item in 2013 BE Form (B2 – income from dividends and rents) though.

Again, most people don’t declare this extra rentals income for obvious reason. Who in their right mind would be so honest (or rather dumb) to pay extra to the government only to be used to buy radars that couldn’t detect UFOs (*tongue-in-cheek*), right? Well, as long as you don’t get caught I supposed rentals declaration is a debatable and could be hard to trace. Besides, you’re paying your property assessment to “dewan bandaraya” (city hall) every half-yearly already. Item B3 is concerning interest, royalties, part-time jobs and whatnot. Interest earned from FD (fixed deposit) or banking deposit is exempted. Royalties above certain amounts as a result from copyrights earning are taxable.The same goes to part-time lecturing, writing etc. But seriously, who would declare such part-time jobs’ income, right? As long as the figure is not “substantial” enough, this is a “blind-spot”. Unless you’re one of government’s cronies and need to suck up to them, you normally don’t give away money, artefacts and your van Gogh paintings to the them.

But still, if you’re charitable enough, you can declare any donations to “approved” institutions such as old-folk homes, foundations, associations, temples, churches, mosque and whatnot, in Part B item B5 , of which you can get tax relief. The list of such institutions under Section 44(6) ITA 1967 can be found here. Your total income will be calculated automatically in item B6. The amount of monthly tax deductions paid for the whole of last year should be appeared automatically in the moment you come to this second page of e-filing. The figure in item B18 should be the same as shown in your EA Form. If this figure does not appear in B18, then something is wrong with your monthly tax contribution. Part F is the most important part because it determines your taxable amount. This part equals to deductable expenses and you will be surprise on how much you had previously overpaid (to government), due to ignorance. As a starting point, every individual is given a RM9,000 default relief.

Let’s go to each of them, shall we? The above 15 items are perhaps the most important deductions you should pay extra attention. Sure, not all deductions allowable in “Part F” are relevant to you but it’s always worthwhile to spend some time on this section. The objective is to pump a figure as huge as possible into item “F19 – Total Relief” (to be transferred to item B9 as per BE Form). The last part of e-filing – Tax Summary – is the most interesting part. It’s like those days when you’re waiting for your school examination’s results to be released. This page shows your total income, less total relief, less special RM2,000 relief and of course, the “Chargable Income”. This chargable income is used to calculate your actual tax chargable. Remember your overpaid dividends? This is where you get back your money. After you’ve creatively used up all the deductible reliefs to the max, the next thing to do is to keep track of your banking account as the government would be refunding tax paid in excess very soon .