The Inland Revenue Board of Malaysia (IRBM) has published Operational Guideline No. 5/2019 of 16 October, which explains the penalties imposed on taxpayers that fail to file returns by the prescribed deadlines under the Income Tax Act 1967, the Petroleum (Income Tax) Act 1967, and the Real Property Gains Tax Act 1976. The Guidelines includes that the penalty rates depending on the extent of the delay from the return deadline as follows under the Income Tax Act: up to 12 months - 15% over 12 months up to 24 months - 30% over 24 months - 45% If an extension...