Tax questions? You ask lah! #181

Published: Wed, 07/24/24

Updated: Sun, 07/28/24

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

I am an employee who submits Form BE annually. This year, I received a 2% compensation for the late refund of my overpaid tax from the Inland Revenue Board of Malaysia (HASiL). Should I report this income in my Form BE?

No, the compensation received from HASiL for the late refund of your overpaid tax is not taxable, hence, need not be reported in your Form BE.

Will the 2% compensation for the late refund of tax overpaid be computed and processed by the Inland Revenue Board of Malaysia (HASiL) automatically or do I have to make an application for it to be processed?

The compensation will be computed and processed by the HASiL without requiring the taxpayer to make any application.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! https://bit.ly/free-webinar-english

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