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Some of Budget 2014 Highlights which RAKYAT concerned:

- A 6% Goods and Services Tax (GST) rate will be implementing on 1 April 2015. Sale, purchase and rental of residential properties as well as selected financial services were exempted from GST. Similarly, GST would be excluded in transportation services such as bus, train, LRT, taxi, ferry, boat, highway toll and education & health services.

- One-off cash assistance of RM300 to households who are BR1M recipients would be given when GST is implemented on 1 April 2015.

- Abolition of the 34 cent sugar subsidy.

- Individual income tax rates would be reduced by 1 to 3 percentage points for all tax payers to increase disposable income.

- Tax Relief for Middle-Income Group, a special tax relief of RM2,000 be given to tax payers with a monthly income up to RM8,000 received in 2013. This measure will result in tax savings up to RM480. This group is already enjoying tax savings up to RM475 on income received in 2013 with the reduction of tax rates announced by the Government in the last Budget.

- BR1M to households with a monthly income of below RM3,000 increased from RM500 to RM650; and for the first time, BR1M assistance of RM450 to be extended to households with monthly income of between RM3,000 and RM4,000.

- BR1M increased from RM250 to RM300 for single individuals aged 21 and above and with a monthly income not exceeding RM2,000.

- Pensioners will receive a special financial assistance of RM250 to assist them meet the rising cost of living.

- RM100 schooling assistance to all primary and secondary students as well as RM250 book vouchers to continue, with allocations of RM540mil and RM325mil respectively.

BE Form

This form has to be filled by the following individuals:-

a. Resident in Malaysia; and
b. No business source in the year of assessment.

If you are carrying on a business but receive a BE Form, please have it changed to a B Form at the nearest IRBM branch.
 

B Form

This form has to be filled by the following individuals:-

a. Resident in Malaysia; and
b. Having a business source in the year of assessment.

If you are not carrying on a business but receive a B Form you can either:-

a. Use the form to declare income received by filling in the relevant columns; or
b. Change to BE Form at the nearest IRBM branch.


Due Date to Submit Income Tax Return Form

The due date for the submission of return form is as follows :

BE Form, for individuals without business source, the due date is on or before 30th April every year.


B Form, for individuals with business source, the due date is on or before 30th June every year.


M Form, for a non-resident individual without business source, the due date is on or before 30th April every year.


M Form, for a non-resident individual with business source, the due date is on or before 30th Jun every year.


P Form, for partnership, the due date is on or before 30th June every year.


To avoid any penalty due to late submission, please ensure that the form is submitted by the due date.

 

 

 

 

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