YA 2024 Personal Income Tax Update

As the Year of Assessment (YA) 2024 approaches, it’s important for all Malaysian resident individuals to get ready for their annual tax filing. Malaysia follows a self-assessment system (SAS), meaning you are responsible for determining your taxable income, calculating your chargeable income tax, submitting your Income Tax Return Form (ITRF), and making the necessary tax payments. The submission of your ITRF serves as your final assessment notice.

Key Things to Keep in Mind:

1. Gather Your Supporting Documents: Collect all relevant receipts, invoices, and statements to back up your claims for deductions and reliefs. This ensures you have the proper documentation in case of an audit. Keep these documents for 7 years from the year your ITRF is submitted.
2. Maximise Eligible Personal Tax Reliefs: Be sure to take full advantage of all available personal tax reliefs to reduce your taxable income and lower the amount of tax you owe. Check out the infographic for more details.
3. Use the Correct Form to Declare Your Income:
   • Form e-BE: For resident individuals with employment income but no business income.
   • Form e-B: For resident individuals who are carrying on a business, and have both employment and other income.
   • Form M: For non-resident individuals with business, employment, or other income.

Important Deadlines for YA 2024 Tax Filing and Payment:

• For individuals with non-business income: Submit by 30 April 2025, with a possible grace period until 15 May 2025.
• For individuals with business income: Submit by 30 June 2025, with a possible grace period until 15 July 2025. (Note: Grace periods granted by the Inland Revenue Board of Malaysia (IRBM) may be subject to change. For the latest information, please refer to the IRBM Official Portal.)

The more you prepare in advance, the better you can maximise your tax savings and avoid the stress of last-minute filing. You’ve got this!