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The first month of 2008 is nearly over. Soon, it will be time to file our tax returns for 2007. For those who are opting to use the eFiling system, the Borang BE will be available starting 1st March 2008. Typically, the deadline for submitting your personal valuation is the end of April (tentatively 30th April 2008). If they hold to the launch schedule, that means you’ll have approximately 60 days to complete and submit the electronic forms. That should be ample time if you plan it right.

Those who have registered for eFiling will not be getting the hard copy of the tax return forms. So do take note of the dates. Hopefully, the people at LHDN are smart enough to send out mass emails to registered eFiling users telling them about the launch. Otherwise, many registered users will be left wondering when they should be submitting their taxes.

While waiting for the forms (hardcopy and eFiling alike) to be made available, it’s probably a good idea to organise your documents and receipts. That way, it will be easier to file your tax returns when the time comes. Here’s a list of basic things that you’ll want to prepare and have on hand when filling in the forms:

• EA Form (issued by your employer)
• Life insurance receipts
• Health insurance receipts
• Receipts for books and subscriptions
• Invoice and receipts for computer purchase
• Receipts from donations and charity

In general, the list above should be sufficient for eFiling for most people, especially if you’ve just started working. If you invest in the share market, then you’ll want to prepare your documents for reclaiming your share dividends.

A note of warning to fresh graduates who have started work. Although you’re not eligible to be taxed, it’s a good idea to open a tax file with LHDN to avoid any future hassles. Insist on opening the account even if the clerks tells you to come back next year since you’re outside the taxable income range. I was foolish enough to listen to them. I wound up getting slapped with a RM50 fine plus interest on top of the payable taxes for not filing my first year income. Let’s just say that the fine and interest was more than the amount of taxes I had to pay.

Stay tuned for more information and updates.