As we begin a new year, it’s important to prepare a few statutory forms for submission to close your yearly payrolls. This process comes in preparing the EA and E forms. If you are using a payroll software like SQL Payroll, you can generate the necessary reports required in only a few minutes.
EA form is a Yearly Remuneration Statement that includes your salary for the past year. Employers must prepare the form for their workers to file personal taxes during tax season. It is important to do so before the last day of February in the following year.
Here are steps on how to use SQL Payroll to prepare the EA form.
E forms are for declaration reports to inform the IRB on the number of employees and the list of employee's income details. The dateline to submit your E Form for 202o would be on the 25th February 2021. Here are steps to preparing the E form.
It is essential that employees to file their tax returns before 30 April of the following year. If this form is not completed by the employer or employees, a fine will be issued by the Malaysian Government.
DON’T WORRY! If you do not have a payroll software, you can go to the LHDN website to download an excel template to manually key in your payroll details. This requires employers to manually update the details by logging into their account on the LHDN website. Once you logged in, you would need to click [e-Data Praisi].
After that, fill in your E number and proceed by clicking [Teruskan].
All employees with an income in Malaysia are required to file an income tax return once a year. Filing requires reporting the income that they earned. Tax returns are to be filed before 30th April of the following year. This tax return form can be completed online. If you wish to appoint a payroll partner to complete it on your worker’s behalf, the following information is needed.
A fine will be issued by the Malaysian government if employers or workers did not complete and submit the form.
These are important information that you must know when filing your tax return. Don’t forget to keep your receipts for filing purposes. It’ll help you in the next following year when tax season comes again!