New Form EA? When to prepare?
In accordance to the Income Tax Act 1967, the employer must prepare and render the statement of remuneration (Form EA) to the employees by 28 / 29 February of every year.
The Form EA is a simple single page form but deadly to prepare. This is because any mistake either overstated or understated of remuneration, will result in omission and incorrect return. It becomes even worse when argument of burden of proof falls to employer or employee.
Recently, IRB has issued a new Form EA 2016 (replacing the existing Form EA 2010). The Form includes new areas of information to disclose and number of booby traps. One example would be the removal of BIK details as now employer needs to be very clear of the scope and extra cautious.
In the guidelines below, we share with you what are the changes between EA 2010 and 2016, and of course, most importantly, when we should we start using it?
A special thanks to our new colleague, Cynthia who has been working really hard in translating the guidelines into mandarin, with the sole objective of benefiting more people.
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We hope readers will benefit from our Highlight and please do drop us an email at email@example.com if you failed to download it.