The government will enforce the implementation of the capital gains tax (CGT) as announced during Budget 2024 by Prime Minister Datuk Seri Anwar Ibrahim yesterday.
PETALING JAYA: Apart from the goods and services tax (GST), imposing a 15% minimum tax rate on the digital economy will help boost the government’s revenue stream, says tax experts.
It’s actually a common misconception amongst landlords that they are not required to report their rental income, says Tricor Taxand executive director Thang Mee Lee.“Even if they are aware, some of them are not so well versed with the procedures, ” she tells StarBizWeek.
IT’S income tax season again.
For individuals who derive rental income from real property, it can certainly be a time of confusion and needless stress.
We’ve all heard the horror stories of individuals who fail or forget to file their taxes, only to be slapped with back-taxes so high that their only recourse is to have a one-on-one appointment with their family psychiatrist; or to make a run for the border and disappear forever.
INDIVIDUALS need to file tax returns by April 30 with an extension given to e-filers until May 15, and any delays will trigger penalties ranging from .