With effect from 1 June 2011, the concessionary interest and penalty rates in respect of the late filing of tax returns are no longer available.
Previously, the Inland Revenue Board of Malaysia (IRBM) would impose penalties ranging from MYR 200 to MYR 2,000 based on the number of offences committed. However, with effect from 1 June 2011, the penalty will be imposed based on the "lateness" of the submission of the return, and it will also be imposed under Sec. …