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Getting your taxed filed can feel like a huge burden has been lifted -- but what if after you submit your return, you realize you made an error? See: Why You Should Line Up a Tax Preparer Now --...
Understand the steps you need to take to efficiently correct your tax mistakes so you can prevent your refund delivery from being delayed.
“This is done mainly with tax credits such as the earned income credit and child tax credit. It’s easy to make mistakes with these.” Deductions that have a lot of different ways to qualify ...
Where a taxpayer has filed an income or excise tax return that shows a balance due but does not pay that balance by the due date of the return (without extensions), a different charge applies. This charge has two components: an interest charge, computed as described above, and second a penalty of 0.5% per month applied to the unpaid balance of ...
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The Minister of Finance is the minister in charge of government revenue and expenditure. The Minister oversees economic policy: fiscal policy is within the Minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Malaysia, the head of which is appointed by the Yang di-Pertuan Agong.
Many tax incentives simply remove part or of the burden of the tax from business transactions. In Malaysia, the corporate tax rate is now capped at 25%. Nevertheless, a company eligible for a certain tax incentive might only pay an average effective tax rate of 7.5%, with only 30% of the company's profit being subjected to tax.
See: Why You Should Line Up a Tax Preparer Now --... Getting your taxed filed can feel like a huge burden has been lifted -- but what if after you submit your return, you realize you made an error