2011 Tax Changes

Budget 2011 considered a very "plain", not much announcements made and proposal affected the individuals or companies . The theme or objectives of transforming to high income nation seen as replicating the norms of human evolution stages. Human develop and expand towards moving forward. The significant changes that human have to face is absolutely transformation in terms of standard of living, cost per day and also what is next waiting.

No tax reductions in Budget 2011 neither no many tax incentives introduce. What really happen? The answer is that, Malaysia has to be more tolerate in terms of delivering what people wants and needs. If we were demanding on scarce sources, then, the impact to survive is last.

B2011: Take effect 2012

1.  IRB issue CP 205 - tax installment (if taxpayer fails to submit tax return)
2. CP 205 -  deemed to be the revised estimate
3. CP 205 - made on 9th month
4. Taxpayer furnish revised on 6th or 9th month of that basis period
5. Taxpayers are given 6 month to rectify errors - corrections are allowed
6. Fails to revised:  10% within 60 days from the filing due date and 15.5% for 60 days.