Deadline for filing 2017/18 Individuals Tax Return (BIR60)
Individuals Tax Returns (BIR60) for 2017/18 have been issued from the Inland Revenue Department (“IRD”) on 2 May 2018. Taxpayers are required to complete and send the tax return back to the IRD within 1 month from the date of issue of the return (i.e. on or before 2 June 2018). For sole-proprietors of unincorporated businesses, the deadline for submission is extended to 2 August 2018. Taxpayers who have earned no income or of an amount below their allowance entitlements do not have to pay tax. Nonetheless, should they receive a tax return from the IRD, they are still required to complete and send it back to the IRD in time.
BIR60 should be completed and signed by the individual taxpayer. If the taxpayer is married for all or part of the year and has elected joint assessment / personal assessment or has been nominated by his/her spouse to claim home loan interest deduction, his/her BIR60 should also be signed by his/her spouse.
If individual taxpayers do not file the tax returns on time, they may be required to pay a penalty, or even prosecuted. A further possible consequence is that they may be required to pay more tax. This is because without furnishing the relevant details, the Assessor will issue an estimated assessment and demand for tax without granting allowance entitlements and deductions in respect of contributions to Mandatory Provident Funds, approved charitable donations, expenses of self-education and home loan interest etc. File your tax return on time, be a compliant taxpayer.