How to Prepare for 2024 Tax Season: Employers Edition
If you're running a company in Malaysia, or if you're an HR professional working for the company dealing with tax matters, you'll know that tax season is coming soon — which means that you need to be aware of certain must-dos as approach the months ahead. With that in mind, we've worked with our tax experts to come up with some 4 key things that will be critical for employers and HR managers prepping for the Year of Assessment 2023 in 2024.
1. Prepare EA forms for employees by 29 February 2024
It's mandatory that employers prepare EA Forms for employees for each Year of Assessment, and 2023/24 isn't any different. The EA Form is a statement of remuneration that must be provided to all employees that are contracted to the organisation, and should contain the following information:
According to the Income Tax Act 1967,
the deadline to prepare EA forms for employees is the 29th of February 2024. Failure to do so can result in a fine to the employer between RM200 and RM20,000, or a jail sentence of up to 6 months, or both.
2. Submit Form E to LHDN
Employers are also required to submit Form E to LHDN by the 31st of March 2024 — the e-filing deadline is the 30th of April 2024. It's important to note that currently, the LHDN no longer accepts manual submissions for this form, which means that Form E must be submitted via LHDN's e-PCB system, and include the following details:
- Number of employees
- Number of employees subject to deductions
- Number of new employees employed
- Number of employees who have resigned
- And more
Click here to see a sample provided by LHDN.
3. File these forms if you are running your own business or partnerships
If you're running your own business however, don't forget to submit Form B (or Form e-B, for e-Filing) by the 30th of June 2024. Meanwhile, if you're doing so by e-Filing, you'll be given a later deadline of the 15th of July 2024 to do so.
For partnerships, you are required to submit Form P for income tax returns to the LHDN by the 30th of June 2024 (or the 15th of July 2024 for e-filing).
4. Communicate tax deadlines and requirements to your employees
As employers, you should also communicate to your employees about the various requirements, information, and deadlines that are associated with tax season in Malaysia. This is particularly true for those that are newer to the workforce — the following articles should come in handy:
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