Prepare for the coming Individual Income Tax Return
Tax Return - Individuals (BIR60) (“The return”) is normally issued on the first working day of May and the filing deadline is 1 month from the issue date of the return. For the year of assessment 2020/21, the return will be issued on 3rd May 2021 and the submission deadline will be 2nd June 2021.
Reporting income under salaries tax
You should report income, before deducting your mandatory contributions to recognized retirement schemes (“MPF”), is received or receivable during the year. Income includes income from an office, employment (on a full-time, part-time or casual basis) or pension from a former employer.
Even if full or partial tax exemption is claimed for offshore nature, the gross amount should be declared in Part 4.1 of the return. Then, you should fill in the amount to be excluded in Part 4.1 of the return and complete the Appendix to the return.
Deductions and allowances
Claim for deductions under salaries tax, such as approved charitable donations and contributions to the MPF, can be made in Part 4.3 of the return.
You may also claim eligible allowances, such as married person’s allowance and child allowance, in Part 11 of the return.
In general, most taxpayers will receive tax bills starting from the third quarter each year. However, no assessment notices will be issued to those who are assessed as not liable to tax.