Are you a fresh-faced adult at 18 or perhaps a seasoned entrepreneur?
The Tax Identification Number (TIN) is your golden key to your taxes!
It’s important to know what the TIN is and how you can obtain it. But you may still be in the dark about it.
Don’t worry just yet, let’s dive in to what TIN is and how you can obtain it.
What is TIN (Tax Identification Number)?
The Tax Identification Number, also known as Nombor Cukai Pendapatan, is the tax identification number used by the Malaysian Inland Revenue Board.
For instance, ‘SG’ and ‘OG’ are the codes for individual resident and non-resident, respectively, while ‘C’ is used for companies.
The TIN is used in all dealings with tax authorities, from filing tax returns to receiving tax refunds. It’s essential for enforcing tax laws and ensuring that everyone pays the correct amount of taxes.
Who needs a TIN number?
All taxpayers in Malaysia will need a TIN number.
But who exactly counts as a taxpayer? Well, in Malaysia, the term ‘taxpayer’ extends beyond just individuals.
Under Article 2 of the Income Tax Act of 1967, a ‘person’ can be a diverse range of entities – from companies and partnerships to sole traders.
Whether you’re running a bustling startup or managing a well-established firm, staying on top of your tax game with a TIN is key to keeping your financial affairs in check.
So, if you’re an individual with taxable income in Malaysia, you’ll need a TIN (Tax Identification Number).
If you’re running a business, whether it’s a company, a partnership, or you’re a solo entrepreneur, you’re also considered a ‘taxpayer’ and need to get this crucial number.
When tax season comes around, be ready with your TIN to fill out those declaration forms, known as Borang Nyata.
How to find or apply for a TIN?
There are a few different options for getting your TIN number.
- Fill out your data via this site https://mytax.hasil.gov.my/.
- You can also apply at the Malaysian Inland Revenue Board (LHDN). You can start a HASiL Live Chat that will guide you through the process.
- Obtain your TIN number through their customer enquiry form.
- Call the Hasil Care Line at 03-8911 1000.
18-year-old individuals who are still studying full-time don’t need to submit an income tax return.
Taxpayers who are required to submit a Borang Nyata are as specified under the provisions of section 77 of the ITA 1967.
Conclusion
Aside from finding your TIN number, it is also important to know exactly how to file your income tax.
It can be quite challenging. Luckily there is a complete guide on how to file your income tax!
To simplify the process and make it easier and faster, you can use an e-invoice.
An e-Invoice is a digital document detailing a transaction between seller and buyer, including essential information and used for recording sales and purchases in business operations.
Read this article about e-invoice and how it can help taxpayers if you want to learn more.
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